<SEC-DOCUMENT>0001292814-22-004172.txt : 20221028
<SEC-HEADER>0001292814-22-004172.hdr.sgml : 20221028
<ACCEPTANCE-DATETIME>20221027173443
ACCESSION NUMBER:		0001292814-22-004172
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
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:		221338371

	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>valedfifrs3q22_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>

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



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

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

<P STYLE="text-align: center; font: 11pt/115% Calibri,sans-serif; margin-top: 0; margin-bottom: 10pt">&nbsp;<IMG SRC="valedfifrs3q226k_001.jpg" ALT=""></P>


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 92%; font-family: Calibri,sans-serif; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 8%; font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Page</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; text-align: justify; line-height: 115%"><A HREF="#a_001"><FONT STYLE="font-size: 10pt; line-height: 115%">Report of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_001"><FONT STYLE="font-size: 10pt; line-height: 115%">3</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; text-align: justify; line-height: 115%"><A HREF="#a_002"><FONT STYLE="font-size: 10pt; line-height: 115%">Consolidated Income Statement</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_002"><FONT STYLE="font-size: 10pt; line-height: 115%">4</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; text-align: justify; line-height: 115%"><A HREF="#a_003"><FONT STYLE="font-size: 10pt; line-height: 115%">Consolidated Statement of Comprehensive Income</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_003"><FONT STYLE="font-size: 10pt; line-height: 115%">5</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; text-align: justify; line-height: 115%"><A HREF="#a_004"><FONT STYLE="font-size: 10pt; line-height: 115%">Consolidated Statement of Cash Flows&nbsp;&nbsp;</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_004"><FONT STYLE="font-size: 10pt; line-height: 115%">6</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; text-align: justify; line-height: 115%"><A HREF="#a_005"><FONT STYLE="font-size: 10pt; line-height: 115%">Consolidated Balance Sheet</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_005"><FONT STYLE="font-size: 10pt; line-height: 115%">7</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; text-align: justify; line-height: 115%"><A HREF="#a_006"><FONT STYLE="font-size: 10pt; line-height: 115%">Consolidated Statement of Changes in Equity</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_006"><FONT STYLE="font-size: 10pt; line-height: 115%">8</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_007"><FONT STYLE="font-size: 10pt; line-height: 115%">Notes to the Interim Financial Statements</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_007"><FONT STYLE="font-size: 10pt; line-height: 115%">9</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-family: Calibri,sans-serif; line-height: 115%; text-indent: -18pt"><A HREF="#a_007"><FONT STYLE="font-size: 10pt; line-height: 115%">1. &nbsp;&nbsp;&nbsp;Corporate information</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_007"><FONT STYLE="font-size: 10pt; line-height: 115%">9</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-family: Calibri,sans-serif; line-height: 115%; text-indent: -18pt"><A HREF="#a_008"><FONT STYLE="font-size: 10pt; line-height: 115%">2. &nbsp;&nbsp;&nbsp;Basis of preparation of interim financial statements</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_008"><FONT STYLE="font-size: 10pt; line-height: 115%">9</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-family: Calibri,sans-serif; line-height: 115%; text-indent: -18pt"><A HREF="#a_009"><FONT STYLE="font-size: 10pt; line-height: 115%">3. &nbsp;&nbsp;&nbsp;Significant events of the current period</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_009"><FONT STYLE="font-size: 10pt; line-height: 115%">10</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_010"><FONT STYLE="font-size: 10pt; line-height: 115%">4.&nbsp;&nbsp;&nbsp;Information by business segment and geographic area</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_010"><FONT STYLE="font-size: 10pt; line-height: 115%">11</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_011"><FONT STYLE="font-size: 10pt; line-height: 115%">5.&nbsp;&nbsp;&nbsp;Costs and expenses by nature</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_011"><FONT STYLE="font-size: 10pt; line-height: 115%">15</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_012"><FONT STYLE="font-size: 10pt; line-height: 115%">6.&nbsp;&nbsp;&nbsp;Financial results</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_012"><FONT STYLE="font-size: 10pt; line-height: 115%">16</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_013"><FONT STYLE="font-size: 10pt; line-height: 115%">7.&nbsp;&nbsp;&nbsp;Taxes</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_013"><FONT STYLE="font-size: 10pt; line-height: 115%">17</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_014"><FONT STYLE="font-size: 10pt; line-height: 115%">8.&nbsp;&nbsp;&nbsp;Basic and diluted earnings (loss) per share</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_014"><FONT STYLE="font-size: 10pt; line-height: 115%">18</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_015"><FONT STYLE="font-size: 10pt; line-height: 115%">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_015"><FONT STYLE="font-size: 10pt; line-height: 115%">18</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_016"><FONT STYLE="font-size: 10pt; line-height: 115%">10.&nbsp;&nbsp; Inventories</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_016"><FONT STYLE="font-size: 10pt; line-height: 115%">19</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_017"><FONT STYLE="font-size: 10pt; line-height: 115%">11.&nbsp;&nbsp; Suppliers and contractors</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_017"><FONT STYLE="font-size: 10pt; line-height: 115%">19</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_018"><FONT STYLE="font-size: 10pt; line-height: 115%">12.&nbsp;&nbsp; Other financial assets and liabilities</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_018"><FONT STYLE="font-size: 10pt; line-height: 115%">19</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_019"><FONT STYLE="font-size: 10pt; line-height: 115%">13.&nbsp;&nbsp; Investments in subsidiaries, associates and joint ventures</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_019"><FONT STYLE="font-size: 10pt; line-height: 115%">20</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_020"><FONT STYLE="font-size: 10pt; line-height: 115%">14.&nbsp;&nbsp; Acquisitions and divestitures</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_020"><FONT STYLE="font-size: 10pt; line-height: 115%">21</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_021"><FONT STYLE="font-size: 10pt; line-height: 115%">15.&nbsp;&nbsp; Intangible</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_021"><FONT STYLE="font-size: 10pt; line-height: 115%">24</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_022"><FONT STYLE="font-size: 10pt; line-height: 115%">16.&nbsp;&nbsp; Property, plant and equipment</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_022"><FONT STYLE="font-size: 10pt; line-height: 115%">24</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_023"><FONT STYLE="font-size: 10pt; line-height: 115%">17.&nbsp;&nbsp; Financial and capital risk management</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_023"><FONT STYLE="font-size: 10pt; line-height: 115%">25</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_024"><FONT STYLE="font-size: 10pt; line-height: 115%">18.&nbsp;&nbsp; Financial assets and liabilities</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_024"><FONT STYLE="font-size: 10pt; line-height: 115%">32</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_025"><FONT STYLE="font-size: 10pt; line-height: 115%">19.&nbsp;&nbsp; Participative stockholders&rsquo; debentures</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_025"><FONT STYLE="font-size: 10pt; line-height: 115%">33</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_026"><FONT STYLE="font-size: 10pt; line-height: 115%">20.&nbsp;&nbsp; Loans, borrowings, leases, cash and cash equivalents and short-term investments</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_026"><FONT STYLE="font-size: 10pt; line-height: 115%">34</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_027"><FONT STYLE="font-size: 10pt; line-height: 115%">21.&nbsp;&nbsp; Brumadinho dam failure</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_027"><FONT STYLE="font-size: 10pt; line-height: 115%">36</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_028"><FONT STYLE="font-size: 10pt; line-height: 115%">22.&nbsp;&nbsp; Liabilities related to associates and joint ventures</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_028"><FONT STYLE="font-size: 10pt; line-height: 115%">39</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_029"><FONT STYLE="font-size: 10pt; line-height: 115%">23.&nbsp;&nbsp; Provision for de-characterization of dam structures and asset retirement obligations</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_029"><FONT STYLE="font-size: 10pt; line-height: 115%">41</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_030"><FONT STYLE="font-size: 10pt; line-height: 115%">24.&nbsp;&nbsp; Provisions</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_030"><FONT STYLE="font-size: 10pt; line-height: 115%">43</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_031"><FONT STYLE="font-size: 10pt; line-height: 115%">25.&nbsp;&nbsp; Litigations</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_031"><FONT STYLE="font-size: 10pt; line-height: 115%">43</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_032"><FONT STYLE="font-size: 10pt; line-height: 115%">26.&nbsp;&nbsp; Employee post-retirement obligations</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_032"><FONT STYLE="font-size: 10pt; line-height: 115%">45</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_033"><FONT STYLE="font-size: 10pt; line-height: 115%">27.&nbsp;&nbsp; Stockholders&rsquo; equity</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_033"><FONT STYLE="font-size: 10pt; line-height: 115%">46</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="padding-left: 18pt; vertical-align: top; font-family: Calibri,sans-serif; line-height: 115%"><A HREF="#a_034"><FONT STYLE="font-size: 10pt; line-height: 115%">28.&nbsp;&nbsp; Related parties</FONT></A></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; line-height: 115%"><A HREF="#a_034"><FONT STYLE="font-size: 10pt; line-height: 115%">47</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0"><IMG SRC="valedfifrs3q226k_003.jpg" ALT=""></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 11pt/115% Georgia,serif; margin: 0 0 10pt">We have reviewed the accompanying consolidated balance sheet of Vale S.A. and
its subsidiaries (the &ldquo;Company&rdquo;) as of September 30, 2022, and the related consolidated income statement, statement of comprehensive
income and cash flows for the three and nine-month periods ended September 30, 2022 and 2021, and the consolidated statement of changes
in equity for the nine-month periods ended September 30, 2022 and 2021, including the related notes (collectively referred to as the &ldquo;interim
financial statements&rdquo;). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying
interim financial statements for them to be in conformity with IAS 34 - <I>Interim Financial Reporting</I>, as issued by the International
Accounting Standards Board (IASB).</P>

<P STYLE="font: 11pt/115% Georgia,serif; margin: 0 0 10pt">We have previously audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the consolidated balance sheet of the Company as of December 31, 2021, and the related
consolidated income statement and statement of comprehensive income, changes in equity and cash flows for the year then ended (not presented
herein), and in our report dated February 24, 2022, we expressed an unqualified opinion on those consolidated financial statements. In
our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2021, is fairly stated, in all
material respects, in relation to the consolidated balance sheet from which it has been derived.</P>

<P STYLE="font: 11pt/115% Georgia,serif; margin: 0 0 10pt"><B><I>Basis for Review Results</I></B></P>

<P STYLE="font: 11pt/115% Georgia,serif; margin: 0 0 10pt">These interim financial statements are the responsibility of the Company&rsquo;s
management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the
PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons
responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards
of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly,
we do not express such an opinion.</P>

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

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

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

<P STYLE="font: 11pt/115% Georgia,serif; margin: 0 0 10pt">October 27, 2022</P>

<P STYLE="font: bold 11pt Helv,sans-serif; margin: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Calibri,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%; vertical-align: bottom"><P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_002"></A>Consolidated Income Statement</B></P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>In millions of United States dollars, except earnings per share
data</B></P></TD>
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD>
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%"><IMG SRC="valedfifrs3q226k_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 54%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Continuing operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net operating revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4(d) </FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9,929</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12,330</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">31,898</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">41,397</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5(a)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(6,301)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5,472)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(16,873)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(15,235)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,628</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,858</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,025</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>26,162</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Operating expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Selling and administrative</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5(b)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(119)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(114)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(367)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(350)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Research and development</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(170)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(135)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(442)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(372)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Pre-operating and operational stoppage</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(89)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(165)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(354)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(501)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Brumadinho event and de-characterization of dams </FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21 and 23</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(336)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(161)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(776)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(461)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other operating expenses, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5(c) </FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(51)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(322)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(121)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(765)</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(606)</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,261)</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,805)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Impairment reversal (impairment and disposals) of non-current assets, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">14 and 16</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">950</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(221)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,823</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,189</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13,714</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>24,136</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Financial income</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">141</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">90</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">428</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">224</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Financial expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(221)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(240)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(888)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(851)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other financial items, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,427</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(200)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,386</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">588</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13, 14 and 22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">78</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">128</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">233</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(316)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,248</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,967</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>16,873</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>23,781</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Current tax</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(514)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,464)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,948)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5,180)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Deferred tax</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(290)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,003</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,858)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">836</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(804)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(461)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3,806)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(4,344)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income from continuing operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,444</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,506</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13,067</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>19,437</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">53</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income from continuing operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,455</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,477</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13,004</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>19,384</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Discontinued operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net income (loss) from discontinued operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,548)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,060</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,465)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(99)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income (loss) from discontinued operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,591)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,060</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,366)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,444</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,958</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,127</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>16,972</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(46)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,455</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,886</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,064</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>17,018</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share attributable to Vale's stockholders:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">0.98</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">0.76</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3.22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3.36</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">As described in note 14, the coal segment is presented in these
interim financial statements as discontinued operation. Therefore, comparative financial information for the nine-month period ended September
30, 2021 has been restated to reflect the sale of the coal operation.</P>

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

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

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

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


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Calibri,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%; vertical-align: bottom"><P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_003"></A>Consolidated Statement of Comprehensive Income</B></P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>In millions of United States dollars</B></P></TD>
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD>
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%"><IMG SRC="valedfifrs3q226k_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 56%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,444</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,958</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,127</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>16,972</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other comprehensive income:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Items that will not be reclassified to income statement</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,282)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,249)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,046</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,364)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Employee post-retirement obligations (note 26)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">95</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">151</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">411</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Fair value adjustment to investment in equity securities (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">343</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,274)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3,004)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,197</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(610)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Items that may be reclassified to income statement</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(187)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,380</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,236)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">624</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net investment hedge (note 17)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(47)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(127)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(85)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cash flow hedge (note 17)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(16)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Reclassification of cumulative translation adjustment to income statement (notes 13 and 14)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,608)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4,830)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,552)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,802)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,253</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(5,991)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,029)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total comprehensive income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,368</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,207</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>10,333</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,333</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Comprehensive income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">69</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(47)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Comprehensive income attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,378</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,138</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>10,275</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,380</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Calibri,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%; vertical-align: bottom">
  <P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_004"></A>Consolidated Statement of Cash Flows</B></P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>In millions of United States dollars</B></P>
  </TD>
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD>
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%"><IMG SRC="valedfifrs3q226k_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 54%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #339966 1pt solid; white-space: nowrap; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #339966 1pt solid; white-space: nowrap; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #339966 1pt solid; white-space: nowrap; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #339966 1pt solid; white-space: nowrap; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cash flows from operations (a)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,591</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>10,324</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,860</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>29,186</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Interest on loans and borrowings paid (note 20)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(194)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(173)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(650)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(599)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cash received (paid) on settlement of derivatives, net (note 17)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(117)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Payments related to Brumadinho event (note 21)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(423)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(93)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(806)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(384)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Payments related to de-characterization of dams (note 23)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(95)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(93)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(247)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(254)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Interest on participative stockholders' debentures paid (note 19)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(235)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(193)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Income taxes (including settlement program) (note 7)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(582)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(991)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4,372)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,434)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net cash generated from operating activities from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,397</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8,996</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9,532</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>24,205</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net cash generated (used) in operating activities from discontinued operations (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(406)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net cash generated from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,397</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9,051</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9,573</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>23,799</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cash flow from investing activities:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Capital expenditures (note 4b)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,230)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,199)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,659)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,282)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Proceeds from sale of Midwestern System, net of cash (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Disbursement on VNC sale (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(555)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Proceeds from sale of CSI (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">437</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Dividends received from associates and joint ventures (note 13)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">164</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Short-term investment</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">118</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">424</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">221</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">251</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other investing activities, net</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(70)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(308)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net cash used in investing activities from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,014)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(752)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,719)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3,846)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net cash used in investing activities from discontinued operations (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(49)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(103)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,388)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,014)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(801)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,822)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(6,234)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cash flow from financing activities:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Loans and borrowings from third parties (note 20)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">775</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">300</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Payments of loans and borrowings from third parties (note 20)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(448)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,276)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,523)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Payments of leasing (note 20)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(48)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(146)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(152)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Dividends and interest on capital paid to stockholders (note 27c)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,123)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(7,391)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(6,603)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(13,483)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Dividends and interest on capital paid to noncontrolling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(9)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Share buyback program (note 27d)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(686)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,841)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5,070)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4,845)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net cash used in financing activities from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(4,158)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(10,401)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(13,330)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(19,712)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net cash used in financing activities from discontinued operations (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(10)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(4,158)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(10,404)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(13,341)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(19,722)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Increase (reduction) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,775)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,154)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(6,590)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,157)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cash and cash equivalents at the beginning of the period</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7,185</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13,649</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11,721</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13,487</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(228)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(638)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(473)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cash and cash equivalents from subsidiaries sold, net (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cash and cash equivalents at end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,182</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>10,857</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,182</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>10,857</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cash flow from operating activities:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Income before taxation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,248</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,967</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">16,873</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23,781</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Adjusted for:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures (note 13)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(78)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(128)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(233)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">316</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Impairment and disposals (impairment reversal) of non-current assets, net (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(950)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">221</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Provisions for Brumadinho (note 21)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">141</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">267</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Provision for de-characterization of dams (note 23)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">775</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">649</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,271</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,212</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Financial results, net (note 6)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,347)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">350</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,926)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Changes in assets and liabilities:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Accounts receivable (note 9)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,870</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,782</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,171</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Inventories (note 10)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(287)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(588)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(896)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(926)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Suppliers and contractors (note 11) (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,169</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">322</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">929</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">354</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Payroll and other compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">158</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(97)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(143)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(266)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(242)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,232)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(839)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cash flows generated from operations (a)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,591</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>10,324</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,860</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>29,186</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Non-cash transactions:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Additions to property, plant and equipment - capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">44</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) Includes variable lease payments.</P>

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

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


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Calibri,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%; vertical-align: bottom">
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_005"></A>Consolidated Balance Sheet</B></P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>In millions of United States dollars</B></P>
  </TD>
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD>
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%"><IMG SRC="valedfifrs3q226k_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 65%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,182</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11,721</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">184</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,150</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,914</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">111</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,268</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,377</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7(e)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">858</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">862</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">270</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">215</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13,922</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>21,384</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Non-current assets held for sale</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">976</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13,922</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>22,360</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">25(c)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,289</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,220</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">236</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">143</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7(e)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,114</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">935</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7(a)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9,825</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11,441</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">890</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">650</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13,354</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>14,389</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,795</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,751</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Intangible</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9,344</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9,011</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">42,196</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">41,931</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>66,689</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>67,082</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>80,611</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>89,442</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="width: 65%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 6%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 13%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 13%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,735</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,475</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Loans, borrowings, and leases</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">447</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,204</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,466</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,962</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Taxes payable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7(e)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">303</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,177</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7(c)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">351</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">324</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,027</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,785</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">929</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,045</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,318</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,156</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">700</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">621</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">718</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,094</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>12,994</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>14,843</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">355</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>12,994</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,198</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Loans, borrowings, and leases</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11,757</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12,578</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Participative stockholders' debentures</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,659</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,419</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,948</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,571</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7(c)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,861</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,964</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7(a)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,608</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,881</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,349</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,419</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,913</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,381</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,926</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7,482</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,117</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,327</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Streaming transactions</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,629</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,779</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">178</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">137</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>32,945</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>38,938</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>45,939</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>54,136</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Stockholders' equity</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Equity attributable to Vale's stockholders</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">33,202</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">34,472</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Equity attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,470</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">834</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total stockholders' equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>34,672</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>35,306</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total liabilities and stockholders' equity</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>80,611</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>89,442</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Calibri,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%; vertical-align: bottom">
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_006"></A>Consolidated Statement of Changes in Equity</B></P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>In millions of United States dollars</B></P>
  </TD>
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD>
  <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%"><IMG SRC="valedfifrs3q226k_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="width: 28%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 6%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Share capital</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Capital reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 6%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 6%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Treasury stocks</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 6%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other reserves</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 6%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Equity attributable to Vale&rsquo;s stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Equity attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 6%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total stockholders' equity</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>61,614</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,139</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,702</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(5,579)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,960)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(36,444)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>34,472</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>834</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>35,306</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,064</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,064</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>63</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,127</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,021</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">191</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(6,001)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4,789)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4,794)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Dividends and interest on capital of Vale's stockholders (note 27c)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,500)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,000)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(6,500)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(6,500)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Dividends of noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(6)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derecognition of noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">584</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">584</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Share buyback (note 27d)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5,070)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5,070)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5,070)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Share-based payment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Treasury shares used and cancelled (note 27b)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(6,616)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6,635</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>61,614</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,139</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,607</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(4,014)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,763)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(42,445)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>12,064</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>33,202</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,470</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>34,672</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Share capital</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Capital reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Treasury stocks</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other reserves</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Equity attributable to Vale&rsquo;s stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Equity attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total stockholders' equity</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>61,614</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,139</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>7,042</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,441)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,056)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(29,554)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>35,744</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(923)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>34,821</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>17,018</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>17,018</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(46)</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>&nbsp;16,972 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;(211)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">760</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,187)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;(1,638)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;(1,639)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Dividends and interest on capital of Vale's stockholders (note 27c)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;(4,319)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(8,368)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;(12,687)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;(12,687)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Dividends of noncontrolling interests</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;(24)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Acquisitions and derecognition of noncontrolling interests</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(331)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;(331)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,761</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;1,430 </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Share buyback (note 27d)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;(4,845)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;(4,845)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;(4,845)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Share-based payment</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;54 </FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;54 </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Treasury shares used and cancelled (note 27b)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,401)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;2,408 </FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;7 </FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;7 </FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at September 30, 2021</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>61,614</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,139</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>111</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(4,878)</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,573)</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(31,741)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8,650</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>33,322</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>767</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>34,089</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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


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    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Vale S.A. and its subsidiaries (&ldquo;Vale&rdquo; or the &ldquo;Company&rdquo;)
are global producers of: (i) iron ore and iron ore pellets, which are key raw materials for steelmaking, (ii) nickel, that is used to
produce stainless steel, electric vehicles and metal alloys employed in the production process of several products, (iii) copper, used
in the construction sector to produce pipes and electrical wires, and (iv) platinum, gold, silver, and cobalt as by-products of nickel
and copper. Most of the Company&rsquo;s products are sold to international markets by Vale International S.A. (&ldquo;VISA&rdquo;), a
trading company located in Switzerland.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Vale also operates a railroad and port logistics system in Brazil
to outflow its production and Vale has equity investments and assets with the objective of reducing energy costs, minimizing the risk
of shortages and meeting its energy consumption needs through renewable sources.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">In the second quarter of 2022, the Company concluded the sale
of the thermal and metallurgical coal operations, as presented in note 14. Therefore, the results from coal operation until closing are
presented in these interim financial statements as &ldquo;discontinued operations&rdquo;.</P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The consolidated interim financial statements of the Company
(&ldquo;interim financial statements&rdquo;) have been prepared and are being presented in accordance with IAS 34 Interim Financial Reporting
of the International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued</P>

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

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">These interim financial statements were authorized for issue
by the Company&rsquo;s Board of Directors in a meeting held on October 27, 2022.</P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Average rate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Closing rate</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US Dollar (&quot;US$&quot;)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5.4066</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5.5805</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5.2462</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5.2286</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5.1360</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5.3317</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Canadian dollar (&quot;CAD&quot;)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3.9318</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4.3882</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4.0189</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4.1517</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4.0024</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4.2624</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Euro (&quot;EUR&quot;)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5.2904</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6.3210</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5.2838</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6.1623</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5.4629</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6.3769</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Calibri,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Balance Sheet, Cash Flows and
Income Statement were particularly affected by the following events and transactions during the three-month period ended September 30,
2022:</FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Capital reduction
in a foreign subsidiary (notes 6 and 13).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In August 2022, the Company approved
the capital reduction of VISA in the amount of US$1,500, which has generated a gain of US$1,543, recorded under &ldquo;Other financial
items, net&rdquo;, due to the reclassification of the cumulative translation adjustments from stockholders&rsquo; equity to the income
statement.</FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Sale of Midwestern
System assets (note 14).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In July 2022, the Company concluded the sale of the
Midwestern System to J&amp;F Minera&ccedil;&atilde;o Ltda. (&ldquo;J&amp;F&rdquo;) and received US$153, in addition to transferring to
J&amp;F the obligations related to the take-or-pay logistics contracts. These assets were classified as held for sale and a gain of US$1,121
was recorded in the nine-month period ended September 30, 2022, due to the reversal of the impairment of property, plant and equipment
and the remeasurement of the onerous contract liability. In addition, the Company recognized a gain of US$37 due to the reclassification
of the cumulative translation adjustments from stockholders&rsquo; equity to the income statement.</FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Sale of Companhia
Sider&uacute;rgica do Pec&eacute;m (&ldquo;CSP&rdquo;) (note 14).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In July
2022, the Company and the other shareholders of CSP signed a binding agreement with ArcelorMittal for the sale of CSP for approximately
US$2,132, which will be received at the closing of the transaction and it will be fully used for the early settlement of CSP's net debt
in the amount of approximately US$2,300. The Company does not expect any material impact at closing, which is expected to occur in the
first quarter 2023, subject to customary regulatory approvals.</FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Share buyback
(note 27d). </FONT><FONT STYLE="font-weight: normal; color: windowtext">During the three-month period ended September 30, 2022, the Company
repurchased 48,670,681 common shares and their respective ADRs, corresponding to US$686, of which US$358 were acquired through wholly
owned subsidiaries and US$328 by the Parent Company.</FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Cancellation of
common shares held in treasury (note 27b).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In July 2022, the Company approved
the cancellation of 220,150,800 common shares held in treasury. The effect of US$3,786 was recorded in shareholders' equity as &ldquo;Treasury
shares used and cancelled&rdquo;.</FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Stockholder&rsquo;s
remuneration (note 27c).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In July 2022, the Company approved the remuneration
to its shareholders in the amount of US$3,000, which was fully paid in September 2022.</FONT></P>

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

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

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


<!-- Field: Page; Sequence: 11 -->
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<P STYLE="font: 9pt/115% Calibri,sans-serif; margin: 0 0 10pt; color: navy"><B>&nbsp;</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">In 2022, the Company has allocated the financial information
of the Midwestern System to &ldquo;Other&rdquo; as this operation is no longer analyzed by the chief operating decision maker as part
of to the performance of the Ferrous Minerals business segment due to the binding agreement to sell this operation. The comparative information
was reclassified to reflect the revision in the allocation criteria.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Three-month period ended September 30, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 30%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Cost of goods sold and services rendered</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Sales, administrative and other operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Research and development</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Pre operating and operational stoppage</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Dividends received and interest from associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Adjusted EBITDA </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Iron ore</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">6,053</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(3,095)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(44)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(46)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(63)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">2,806</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Iron ore pellets</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">1,656</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(714)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(7)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(5)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">933</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Other ferrous products and services</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">118</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(82)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(4)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>7,827</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(3,891)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(47)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(49)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(72)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>5</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>3,773</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Nickel and other products</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">1,563</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(1,325)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(31)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">209</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Copper</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">479</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(275)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(8)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(38)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">155</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>2,042</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(1,600)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(6)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(69)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(3)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>364</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Brumadinho event and de-characterization of dams</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(336)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(336)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Other </FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">60</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(58)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(108)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(52)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">23</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(135)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>9,929</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(5,549)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(497)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(170)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(75)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>28</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>3,666</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Three-month period ended September 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 30%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Cost of goods sold and services rendered</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Sales, administrative and other operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Research and development</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Pre operating and operational stoppage</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Dividends received and interest from associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Adjusted EBITDA </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Iron ore</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">8,418</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,993)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(53)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(61)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,280</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Iron ore pellets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,009</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(612)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,384</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Other ferrous products and services</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">139</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(109)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>10,566</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(3,714)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(32)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(55)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(75)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>6,690</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Nickel and other products</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">896</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(782)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(52)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">99</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Copper</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">678</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(242)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">406</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>1,574</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(1,024)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>51</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(43)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(53)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>505</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Brumadinho event and de-characterization of dams</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(161)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(161)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">COVID-19</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(10)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Other (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">190</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(131)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(144)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(37)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(118)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Total of continuing operations</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>12,330</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(4,869)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(296)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(135)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(129)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>5</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>6,906</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Discontinued operations - Coal</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>352</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(314)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(5)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>32</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Total </B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>12,682</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(5,183)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(301)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(136)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(129)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>5</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>6,938</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) Includes the reclassification of the EBITDA of Midwestern
System in the amount of US$40.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Nine-month period ended September 30, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 30%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Cost of goods sold and services rendered</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Sales, administrative and other operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Research and development</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Pre operating and operational stoppage</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Dividends received and interest from associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Adjusted EBITDA </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Iron ore</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">20,421</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(8,185)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(147)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(125)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(250)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">11,715</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Iron ore pellets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">4,800</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(1,947)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(16)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">75</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">2,910</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Other ferrous products and services</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">365</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(253)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(4)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(13)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">97</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>25,586</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(10,385)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(145)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(131)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(279)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>76</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>14,722</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Nickel and other products</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">4,568</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(3,163)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(18)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(73)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">1,314</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Copper</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">1,281</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(770)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(5)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(94)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(8)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">404</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>5,849</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(3,933)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(23)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(167)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(8)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>1,718</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Brumadinho event and de-characterization of dams</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(776)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(776)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Other (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">463</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(381)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(489)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(144)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">23</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(530)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Total of continuing operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>31,898</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(14,699)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(1,433)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(442)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(289)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>99</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>15,134</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Discontinued operations - Coal</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>448</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(264)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(12)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(1)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>171</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>32,346</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(14,963)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(1,445)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(443)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(289)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>99</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>15,305</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Nine-month period ended September 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 30%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Cost of goods sold and services rendered</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Sales, administrative and other operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Research and development</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Pre operating and operational stoppage</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Dividends received and interest from associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Adjusted EBITDA </B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Iron ore</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">29,559</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(7,764)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(114)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(129)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(226)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21,326</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Iron ore pellets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,164</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,515)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(36)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,662</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Other ferrous products and services</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">432</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(308)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">112</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>35,155</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(9,587)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(83)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(133)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(274)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>22</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>25,100</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Nickel and other products</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,822</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,512)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(49)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(112)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,171</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Copper</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,920</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(637)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(62)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,211</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,742</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3,149)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(111)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(115)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,382</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Brumadinho event and de-characterization of dams</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(461)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(461)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">COVID-19</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(28)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Other (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">500</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(425)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(346)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(128)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(376)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Total of continuing operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>41,397</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(13,161)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(903)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(372)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(392)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>48</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>26,617</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Discontinued operations - Coal</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>605</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(966)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(5)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>78</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(291)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Total </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>42,002</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(14,127)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(906)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(377)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>(392)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>126</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>26,326</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) Includes the reclassification of the EBITDA of Midwestern
System in the amount of US$120.</P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid">
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>Three-month period ended </B></P>
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>September 30,</B></P></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid">
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>Nine-month period ended </B></P>
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 49%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income from continuing operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,455</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,477</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13,004</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>19,384</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,444</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,506</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13,067</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>19,437</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">775</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">649</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,271</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,212</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">804</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">461</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,806</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,344</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,347)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">350</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,926)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(78)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(128)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(233)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">316</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Dividends received from associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">99</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Impairment and disposals (impairment reversal) of non-current assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(950)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">221</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Adjusted EBITDA from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,666</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,906</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,134</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>26,617</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid">
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>Nine-month period ended </B></P>
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; width: 44%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income (loss) from discontinued operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,591)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,060</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,366)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(99)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,548)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,060</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,465)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(821)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(821)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,065)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(363)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derecognition of noncontrolling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">585</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Equity results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Dividends received and interest from associates and joint ventures (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">78</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Impairment of non-current assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,327</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">589</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,186</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Adjusted EBITDA from discontinued operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>32</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>171</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(291)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 22%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Product inventory</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Property, plant and equipment and intangible</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Product inventory</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Property, plant and equipment and intangible</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Ferrous minerals</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,715</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,258</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">30,892</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,186</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,113</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28,988</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Base metals</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,612</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">18,694</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,384</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20,127</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">537</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,954</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">621</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,827</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,327</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,795</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>51,540</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,591</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,751</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>50,942</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Capital expenditures</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Capital expenditures</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Sustaining capital (i)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Project execution</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Depreciation, depletion and amortization</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Sustaining capital (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Project execution</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Depreciation, depletion and amortization</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Ferrous minerals</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">497</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">200</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">442</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">583</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">136</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">408</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Base metals</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">341</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">325</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">325</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">113</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">227</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">94</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">14</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>855</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>375</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>775</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>914</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>285</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>649</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Capital expenditures</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Capital expenditures</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Sustaining capital (i)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Project execution</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Depreciation, depletion and amortization</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Sustaining capital (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Project execution</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Depreciation, depletion and amortization</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Ferrous minerals</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,473</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">581</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,355</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,639</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">331</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,246</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Base metals</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">954</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">238</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">880</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">973</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">250</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">911</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">71</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">342</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">66</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,498</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,161</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,271</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,635</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>647</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,212</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) According to the Company's remuneration policy, the sustaining
capital investments are deducted from the 30% of the adjusted EBITDA. The calculation also considers the current investment of discontinued
coal operations, which was US$38 for the nine-month period ended September 30, 2022 (2021: US$114).</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(ii) The sustaining capital investments related to the Midwestern
System were reclassified from &ldquo;ferrous minerals&rdquo; to &ldquo;other&rdquo; for the three and nine-month periods ended September
30, 2021 in the amounts of US$5 and US$10, respectively. Depreciation, depletion and amortization were reclassified for the same periods
in the amounts of US$4 and US$18, respectively.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Intangible</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Intangible</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,795</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7,525</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">25,907</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">35,227</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,730</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7,050</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23,793</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">32,573</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Canada</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,817</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">10,748</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12,565</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,958</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12,441</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">14,399</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Americas, except Brazil and Canada</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Europe</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">752</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">752</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">739</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">739</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Indonesia</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,696</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,697</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,723</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,724</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Asia, except Indonesia and China</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">794</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">794</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">874</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">895</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Oman</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,276</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,276</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,337</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,337</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,795</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9,344</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>42,196</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>53,335</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,751</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9,011</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>41,931</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>52,693</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The sales revenue from Ferrous minerals for the three and nine-month
periods ended September 30, 2022, decreased from prior periods mainly due to the decline of 27% in the average realized price of iron
ore for both periods, following the decrease in the international price of this product.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 47%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">127</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">267</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">102</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">321</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">423</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">91</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">286</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">377</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">318</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">665</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">983</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">629</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">639</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">689</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">168</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">857</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,337</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">303</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,640</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">653</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">132</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">785</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">881</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">958</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>7,827</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,042</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>60</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9,929</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other (i)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">201</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">80</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">308</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">71</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">274</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">345</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">176</FONT></TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">174</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">350</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">546</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">430</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">976</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">553</FONT></TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">558</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,293</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">143</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,436</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,361</FONT></TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">241</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EAF1DD; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,602</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">953</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">220</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,173</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,412</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">163</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,582</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>10,566</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,574</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>190</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>12,330</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) Includes the reclassification of the revenues of Midwestern
System in the amount of US$112.</P>


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<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 47%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other (i)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">393</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">417</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">125</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">935</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">176</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,034</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,210</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">312</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">888</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,200</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,460</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,588</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,048</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,779</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,824</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,171</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">561</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,732</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">14,338</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">793</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">15,131</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,963</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">500</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,510</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,994</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">265</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,308</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>25,586</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,849</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>463</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>31,898</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other (i)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">578</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">304</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">121</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,003</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">330</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">847</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,177</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">499</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,103</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,602</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,125</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,717</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,842</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,496</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,508</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,763</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">358</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,121</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20,819</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">665</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21,484</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,722</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">693</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,415</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,823</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">379</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,245</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>35,155</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,742</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>500</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>41,397</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) Includes the reclassification of the revenues of Midwestern
System in the amount of US$231 for the nine-month period ended September 30, 2022 (US$325 for the nine-month period ended September 30,
2021).</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 40%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Personnel</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">454</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">353</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,292</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,163</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Materials and services (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">958</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">700</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,492</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,057</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Fuel oil and gas (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">497</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">246</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,134</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">671</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Maintenance</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">755</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">698</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,188</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,071</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Royalties</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">245</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">395</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">733</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">998</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Energy</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">188</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">160</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">520</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">460</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Acquisition of products</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">763</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">634</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,898</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,668</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">752</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">603</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,174</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,074</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Freight</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,315</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,176</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,317</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,949</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">374</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">507</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,125</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,124</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,301</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,472</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>16,873</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,235</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cost of goods sold</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6,150</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,312</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">16,439</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">14,799</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cost of services rendered</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">151</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">160</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">434</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">436</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,301</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,472</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>16,873</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,235</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) The increase in costs is mainly due to higher fuel prices
and inflation of other inputs and services during the three and nine-month periods ended September 30, 2022.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Selling</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">65</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Personnel</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">128</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Services</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">80</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">68</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">30</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">56</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">59</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>119</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>114</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>367</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>350</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: #00807A">&nbsp;</P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%"><P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs3q226k_002.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 40%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Asset retirement obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Provision for litigations (note 25)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">96</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">67</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Profit sharing program</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">93</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">105</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">93</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(51)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>51</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>31</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>322</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>121</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The breakdown of Research and Development expenses
by operating segment is presented in note 4 (a).</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 41%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial income</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Short&#45;term investments</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">119</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">369</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">138</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">86</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>141</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>90</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>428</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>224</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Loans and borrowings gross interest</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(140)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(156)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(463)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(504)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">44</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Interest on REFIS</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(42)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(17)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(113)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(34)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Interest on lease liabilities (note 20d)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(15)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(47)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(47)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Bond premium repurchase (note 20d)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(113)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(63)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(67)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(192)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(247)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(221)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(240)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(888)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(851)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net foreign exchange gains (losses)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">201</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">372</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(151)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">323</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Participative stockholders' debentures (note 19) (i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">470</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">758</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,107)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Financial guarantees (i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">479</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">330</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derivative financial instruments (note 17)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">190</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(458)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">781</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(41)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Reclassification of cumulative translation adjustments to the income statement (notes 13 and 14)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,608</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,608</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,128</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Indexation losses, net</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(42)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(242)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(89)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(45)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,427</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(200)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,386</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>588</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,347</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(350)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,926</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(39)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0 0 10pt; text-align: justify">(i) These lines were reclassified from the prior period
in order to present &ldquo;Financial expenses&rdquo; and &ldquo;Other financial items, net&rdquo; in similar line items from period to
period.</P>

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 10pt; text-align: justify">As of September 30, 2022, the total guarantees granted
by the Company (within the limit of its direct or indirect interest) to certain associates and joint ventures totaled US$1,491 (December
31, 2021: US$1,513). The fair value of these financial guarantees in the amount of US$101 (December 31, 2021: US$542) is recorded as &ldquo;Other
non-current liabilities&rdquo;.</P>

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


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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 57%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Deferred taxes, net</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>11,441</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,881</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9,560</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Tax effect in the income statement</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,881)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,858)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">375</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(100)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">475</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Transfers between assets and liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(184)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(184)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Sale of California Steel Industries (note 14)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at September 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9,825</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,608</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8,217</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Deferred taxes, net</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>10,335</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8,565</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Tax effect in the income statement</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">812</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">836</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Transfers between assets and liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(452)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(448)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(121)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">179</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(300)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Tax loss carryforward from coal operations (note 14)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">821</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">821</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at September 30, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>10,581</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,928</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8,653</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The total amount presented as income taxes in the income statement
is reconciled to the statutory rate, as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,248</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,967</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>16,873</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>23,781</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Income taxes at statutory rate &ndash; 34%</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,784)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,029)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(5,736)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(8,086)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Adjustments that affect the taxes basis:</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Tax incentives</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">479</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">971</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,538</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,589</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Equity results</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">103</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Monetary exchange variation on tax losses carryforward</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">120</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(500)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">81</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other (i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">529</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">409</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">834</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">969</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(804)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(461)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3,806)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(4,344)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) Refers mainly to the reclassifications of accumulated translation
adjustments to income for the periods presented (notes 13 and 14).</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm; color: rgb(0,126,122)"><B>c) Income taxes - Settlement
program (&ldquo;REFIS&rdquo;)</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Current liabilities </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">351</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">324</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,861</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,964</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>REFIS liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,212</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,288</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">SELIC rate</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13.75%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9.25%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

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

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

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

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


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%"><P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs3q226k_002.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 30%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; vertical-align: bottom; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; vertical-align: bottom; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Current liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Value-added tax</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">280</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">29</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">217</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">162</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Brazilian federal contributions</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">452</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">677</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">53</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">520</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">511</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">12</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Income taxes</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">115</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">437</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">82</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">113</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">413</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,861</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Financial compensation for the exploration of mineral resources - CFEM</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">65</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">59</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">74</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">83</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>858</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,114</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>303</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>862</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>935</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,177</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

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

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; color: teal"><B><A NAME="a_014"></A>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Basic and diluted earnings (loss) per share</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 56%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income attributable to Vale's stockholders:</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net income from continuing operations</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,455</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,477</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13,004</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">19,384</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net income (loss) from discontinued operations</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,591)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,060</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,366)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,455</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,886</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,064</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>17,018</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>In thousands of shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Weighted average number of common shares outstanding</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,549,205</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,080,890</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,674,248</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,065,750</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Weighted average number of common shares outstanding and potential ordinary shares</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,553,843</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,085,314</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,678,886</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,070,174</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share from continuing operations:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">0.98</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1.08</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2.78</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3.83</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Basic and diluted earnings (loss) per share from discontinued operations:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(0.31)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">0.44</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(0.47)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">0.98</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">0.76</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3.22</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3.36</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Receivables from contracts with customers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Related parties (note 28)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">135</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">109</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Third parties</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Ferrous minerals</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,421</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,023</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Base metals</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">611</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">668</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">162</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,189</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,962</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Expected credit loss</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(39)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(48)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Accounts receivable, net</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,150</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,914</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">No customer individually represented 10% or more of the Company&rsquo;s
accounts receivable or revenues for the periods presented in these interim financial statements.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 36%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Thousand metric tons</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Provisional price (US$/ton)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Change</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Effect on revenue</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EAF1DD">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Iron ore</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">17,271</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">91.9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">+/- 10%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">+/- 159</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Iron ore pellets</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">76</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">136.2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">+/- 10%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">+/- 1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EAF1DD">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9,652.0</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">+/- 10%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">+/- 79</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; color: teal">&nbsp;</P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri,sans-serif; margin: 0 0 10pt; color: teal">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Finished products</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,489</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,795</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Work in progress</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">862</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">820</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Consumable inventory</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,022</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">857</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Allowance to net realizable value</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(105)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(95)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,268</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,377</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Third parties - Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,258</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,766</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Third parties - Abroad</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,120</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,618</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Related parties (note 28)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">357</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">91</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,735</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,475</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; color: teal">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Non-current</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 42%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other financial assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Restricted cash</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">78</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">117</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">111</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Investments in equity securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>152</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>111</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>236</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>143</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">243</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">271</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">592</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other financial liabilities - Related parties (note 28)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">136</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">393</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Financial guarantees provided (note 6a) (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">542</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Liabilities related to the concession grant</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">693</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">760</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,576</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,437</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Contract liability</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">534</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">566</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,466</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,962</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,948</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,571</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">On April 14, 2022, the Company prepaid US$168 of its concession
grant obligation related to the Estrada de Ferro Caraj&aacute;s (&quot;EFC&quot;) as approved by the Board of Directors on October 28,
2021. The outstanding balance will be settled in quarterly installments until 2057.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 44%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Discount rate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Concession grant</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">725</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">586</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11.04%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11.04%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Midwestern Integration Railway (&quot;FICO&quot;)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,176</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,206</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5.69%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5.29%</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Infrastructure program</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">342</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">343</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5.65%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5.43%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">West-East Integration Railway (&quot;FIOL&quot;)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">62</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">8.72%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5.81%</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,269</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,197</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%"><P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs3q226k_002.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Equity results in the income statement</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Dividends received</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 26%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>% ownership</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>% voting capital</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Baovale Minera&ccedil;&atilde;o S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">86</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.89</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.89</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">38</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.90</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">51.11</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">146</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">129</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">48.16</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">46.75</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">480</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">418</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">52</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">69</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Samarco Minera&ccedil;&atilde;o S.A. (note 22)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">VLI S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">29.60</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">29.60</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">411</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">408</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,258</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,113</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>80</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>58</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>148</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>130</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>76</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>22</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Korea Nickel Corporation</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">25.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">25.00</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>17</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">55.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">55.00</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">379</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">367</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">26</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">104</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">105</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">California Steel Industries, Inc. (&quot;CSI&quot;) (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">104</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">165</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Companhia Sider&uacute;rgica do Pec&eacute;m (&quot;CSP&quot;) (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">99</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(42)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Minera&ccedil;&atilde;o Rio do Norte S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">40.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">40.00</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>537</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>621</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>140</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>173</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>88</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>26</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,795</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,751</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>87</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>198</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>174</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>303</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>28</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>164</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>48</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,751</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,031</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(82)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Equity results</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">174</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">303</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Impairment of CSP</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Dividends declared</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(132)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at September 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,795</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,125</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Capital reduction
in a foreign subsidiary &ndash; </FONT><FONT STYLE="font-weight: normal; color: windowtext">In August 2022, the Company approved a capital
reduction in the amount of US$1,500 of Vale International S.A. (&ldquo;VISA&rdquo;), a wholly-owned foreign subsidiary, leading to a reduction
in the absolute value of the investment held by the Parent Company. Therefore, the return of capital received in September 2022 was determined
as a partial disposal and, in accordance with the requirements of IAS 21, the exchange differences recorded in the stockholders&rsquo;
equity were reclassified to the income statement in the same proportion as the reduction in the net investment held in VISA, leading to
a gain of US$1,543 presented as &ldquo;Other financial items, net&rdquo; (note 6). The remaining balance of cumulative translation adjustments
of VISA represents US$4,487 as of September 30, 2022.</FONT></P>

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

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

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; color: teal"><B><A NAME="a_020"></A>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions
and divestitures</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30, 2022</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Result of the transaction </B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total recycling from OCI</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Impairment reversal (impairment) of non-current assets</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Midwestern System</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,121</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">California Steel Industries </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">142</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Companhia Sider&uacute;rgica do Pec&eacute;m (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(135)</FONT></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(9)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>65</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>150</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>215</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,124</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Discontinued operations (Coal) </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,072</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,072</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(589)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,137</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>150</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,287</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>535</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) Includes impairment of the investment in the amount of US$111
and a provision for accounts receivable with CSP in the amount of US$24.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 28%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 13%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30, 2021</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Result of the transaction </B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total recycling from OCI</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Impairment of non-current assets</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Midwestern System</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Vale Nouvelle-Cal&eacute;donie S.A.S.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,132</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,132</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(98)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Vale Mangan&ecirc;s</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(70)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,128</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,128</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(126)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(70)</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Discontinued operations (Coal)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>424</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>424</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3,186)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,552</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,552</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3,312)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(70)</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Midwestern System - </B></FONT>During
the first quarter of 2022, the Company classified the assets and liabilities related to the Midwestern System as held for sale due to
the negotiations with interested parties in Vale&rsquo;s iron ore, manganese and logistics assets in the Midwestern System, through its
equity interests in Minera&ccedil;&atilde;o Corumbaense Reunida S.A., Minera&ccedil;&atilde;o Mato Grosso S.A., International Iron Company,
Inc. and Transbarge Navegaci&oacute;n S.A. These negotiations resulted in the execution of a binding agreement with J&amp;F Minera&ccedil;&atilde;o
Ltda. (&ldquo;J&amp;F&rdquo;) for the sale of these assets, which was signed on April 6, 2022.</P>

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

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

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">These offers received during the sale process of the assets represented
an objective evidence of impairment reversal and the remeasurement of the existing provision, which led to a gain of US$1,121 recorded
as &ldquo;Impairment reversal (impairment and disposals) of non-current assets, net&rdquo;, of which US$214 relates to the impairment
reversal on the Property, plant and equipment and US$916 is due to the remeasurement of the onerous contract liability, partially offset
by losses in working capital adjustments at the closing of the transaction in the amount of US$9.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">On July 15, 2022, the transaction was completed and the Company
received US$153 and recorded a gain of US$37, as the reclassification of the cumulative translation adjustments from the stockholders&rsquo;
equity to the income statement.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>California Steel Industries (&ldquo;CSI&rdquo;)
- </B></FONT>In December 2021, the Company entered into a binding agreement with Nucor Corporation (&ldquo;Nucor&rdquo;) for the sale
of its 50% interest in CSI for US$437. In February 2022, the Company concluded the sale and recorded a gain of US$292 for the nine-month
period ended September 30, 2022, as &ldquo;Equity results and other results in associates and joint ventures&rdquo;, of which US$142 relates
to a gain from the sale and US$150 is due to the reclassification of the cumulative translation adjustments from the stockholders&rsquo;
equity to the income statement.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Sale of Companhia Sider&uacute;rgica
do Pec&eacute;m (&ldquo;CSP&rdquo;) - </B></FONT>In July 2022, the Company and the other shareholders of CSP signed a binding agreement
with ArcelorMittal Brasil S.A. (&ldquo;ArcelorMittal&rdquo;) for the sale of CSP for approximately US$2,132. The completion of the transaction
will be used in full for the prepayment of CSP&rsquo;s outstanding net debt of approximately US$2,300, as the Company has already recognized
an impairment loss of US$135 for the nine-month period ended September 30, 2022. The Company does not expect any material impact at closing,
which is expected to occur in the first quarter 2023, subject to customary regulatory approvals.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Manganese ferroalloys operations
in Minas Gerais - </B></FONT>In January 2022, the Company completed the sale of its ferroalloys operations in Barbacena and Ouro Preto
and its manganese mining operations at Morro da Mina, in the state of Minas Gerais, to VDL Group (&ldquo;VDL&rdquo;) for a total consideration
of US$40. As the Company had already adjusted the net assets to the fair value less cost of disposal, the closing did not result in an
additional impact on the income statement for the nine-month period ended September 30, 2022 (2021: impairment of US$28). As a result,
the Company no longer has manganese ferroalloys operations.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Vale Nouvelle-Cal&eacute;donie S.A.S.
(&ldquo;VNC&rdquo;) - </B></FONT>In December 2020, the Company signed a binding put option agreement to sell its interest in VNC for an
immaterial consideration to Prony Resources consortium. With the final agreement signed in March 2021, the Company recorded a loss in
the amount of US$98, presented as &ldquo;Impairment reversal (impairment and disposals) of non-current assets, net&rdquo; in the income
statement for the nine-month period ended September 30, 2021. In the same period, the Company also recorded a gain of US$1,132 due to
the cumulative translation adjustments reclassification from the stockholders&rsquo; equity to the income statement as &ldquo;Other financial
items, net&rdquo;.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Discontinued operations (Coal) -
</B></FONT>In June 2021, in preparation for a sale of the coal operation, in connection with the sustainable strategic mining agenda,
the Company carried out a corporate reorganization by acquiring the interests held by Mitsui in the coal assets, which consist of Moatize
mine and the Nacala Logistics Corridor (&ldquo;NLC&rdquo;). Following the acquisition of Mitsui&rsquo;s stakes, and therefore, the simplification
of the governance, the Company started the process of divesting its participation in the coal business.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In December 2021, the Company
entered into a binding agreement with Vulcan Resources (formerly known as Vulcan Minerals - &ldquo;Vulcan&rdquo;) for the sale of these
assets. Under the sale agreement Vulcan has committed to pay the gross amount of US$270, in addition of a 10-year royalty agreement subject
to certain mine production and coal price conditions and so, due to the nature and uncertainties related to the measurement of these royalties,
gains will be recognized as incurred.</FONT></P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Therefore, in 2021 the Company
adjusted the net assets of the coal business to the fair value less costs of disposal, resulting in impairment losses, and started presenting
the coal segment as a discontinued operation starting from the year ended December 31, 2021.</FONT></P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On April 25, 2022, the transaction
was completed and the Company recorded a net income from discontinued operations of US$2,060 for the nine-month period ended September
30, 2022, which is mainly driven by the reclassification of the cumulative translation adjustments of US$3,072, from the stockholders&rsquo;
equity to the income statement, as required by <I>IAS 21 - The Effects of Changes in Foreign Exchange Rates,</I> partially offset by the
derecognition of noncontrolling interest of US$585 due to the deconsolidation of the coal assets. Additionally, until the closing of the
transaction, the Company recorded losses of US$589 due to the impairment of assets acquired in the period and working capital adjustments.
These effects are presented below:</FONT></P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 52%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income from discontinued operations</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net operating revenue</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">352</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">448</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">605</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(364)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(264)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,033)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Operating expenses</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(9)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Impairment and disposals of non-current assets, net</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,327)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(589)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,186)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Operating loss</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,346)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(418)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3,623)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cumulative translation adjustments (i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,072</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">424</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other financial results, net</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(61)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derecognition of noncontrolling interest</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(585)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Equity results in associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(26)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income (loss) before income taxes</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,369)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,062</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3,286)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">821</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">821</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income (loss) from discontinued operations</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,548)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,060</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,465)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(99)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income (loss) attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,591)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,060</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,366)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid">
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>Three-month period ended </B></P>
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>September 30,</B></P></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid">
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>Nine-month period ended </B></P>
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>September 30,</B></P></TD></TR>
  <TR>
    <TD STYLE="width: 48%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cash flow from discontinued operations</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>&nbsp;Operating activities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net income (loss) before income taxes</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,369)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,062</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,286)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>&nbsp;Adjustments:</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;Equity results in associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">26</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;Impairment and disposals of non-current assets, net</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,327</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">589</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,186</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;Derecognition of noncontrolling interest</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">585</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;Financial results, net</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,065)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(363)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;Decrease in assets and liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">31</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net cash generated (used) by operating activities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>55</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>41</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(406)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Investing activities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;Additions to property, plant and equipment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(49)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(114)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;Acquisition of NLC, net of cash</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,345)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;Disposal of coal, net of cash </FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(65)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>71</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(49)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(103)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,388)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financing activities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(10)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(11)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(10)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net cash generated (used) by discontinued operations</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(73)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2,804)</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 30%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Goodwill</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Concessions</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Software</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Research and development project and patents</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,208</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>5,223</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>86</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>494</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>9,011</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">443</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">25</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">468</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(12)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Amortization</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(175)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(32)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(207)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(93)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">159</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">84</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,115</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>5,638</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>81</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>510</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>9,344</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,115</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">6,920</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">536</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">510</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11,081</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Accumulated amortization</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1,282)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(455)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1,737)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,115</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>5,638</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>81</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>510</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>9,344</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Goodwill</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Concessions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Software</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Research and development project and patents</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,298</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>5,391</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>76</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>531</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>9,296</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">121</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">143</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Amortization</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(187)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(23)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(210)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Acquisition of NLC (note 14)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,428</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,428</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Impairment (i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1,422)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1,422)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(50)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(242)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(24)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(318)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at September 30, 2021</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,248</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>5,085</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>73</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>507</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>8,913</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,248</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">7,486</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">741</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">507</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11,982</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Accumulated amortization</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2,401)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(668)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(3,069)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at September 30, 2021</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,248</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>5,085</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>73</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>507</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>8,913</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) The Company recognized an impairment loss related to coal
assets incorporated in the acquisition of NLC in the amount of US$1,422 for the nine-month period ended September 30, 2021.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 31%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Building and land</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Facilities</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Equipment</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Mineral properties</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Railway equipment</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Right of use assets</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Others</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Constructions in progress</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>8,137</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>7,232</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,743</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>7,742</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,334</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,537</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,484</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>7,722</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>41,931</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Additions (i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">42</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,690</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,732</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Disposals (ii)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(18)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(60)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(102)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Asset retirement obligation (note 23b)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1,091)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1,091)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(306)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(360)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(525)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(322)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(121)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(138)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(223)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1,995)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Impairment reversal, net (note 14)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">56</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">34</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">64</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">39</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">214</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Transfer to asset held for sale - Midwestern System (note 14)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(56)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(34)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(64)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(39)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(21)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(214)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">69</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">94</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(281)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">74</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(27)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(223)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(279)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Transfers</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">333</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">449</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">483</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">400</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">119</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">306</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2,090)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>8,215</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>7,405</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,702</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>6,448</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,399</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,450</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,538</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>9,039</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>42,196</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">15,090</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">12,039</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11,086</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">15,445</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,934</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2,058</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5,647</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">9,039</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">74,338</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Accumulated depreciation</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(6,875)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(4,634)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(6,384)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(8,997)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1,535)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(608)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(3,109)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(32,142)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>8,215</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>7,405</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,702</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>6,448</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,399</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,450</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,538</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>9,039</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>42,196</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 31%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 7%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Building and land</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Facilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Equipment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Mineral properties</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Railway equipment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Right of use assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Others</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Constructions in progress</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8,591</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>7,591</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,933</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8,054</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,523</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,563</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,495</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,398</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>41,148</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Additions (i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">56</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,502</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,558</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Disposals (ii)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(138)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Asset retirement obligation</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(442)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(442)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(332)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(361)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(495)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(319)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(129)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(193)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,959)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Acquisition of NLC (note 14)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">235</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">102</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">318</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">92</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">922</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Impairment (iii)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(231)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(114)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(85)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(313)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(233)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,011)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(263)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(276)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(71)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(110)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(17)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(116)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(980)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Transfers</FONT></TD>
    <TD STYLE="background-color: #EBF1DE; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">226</FONT></TD>
    <TD STYLE="background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">370</FONT></TD>
    <TD STYLE="background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">521</FONT></TD>
    <TD STYLE="background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">200</FONT></TD>
    <TD STYLE="background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">208</FONT></TD>
    <TD STYLE="background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,609)</FONT></TD>
    <TD STYLE="background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #EEECE1; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Transfer to net assets held for sale</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD></TR>
  <TR STYLE="background-color: #EEECE1">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at September 30, 2021</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8,220</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>7,322</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,842</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>7,427</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,368</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,472</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,446</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,990</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>41,087</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cost</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">15,228</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12,074</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">10,905</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">16,674</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,747</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,951</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,463</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6,990</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">73,032</FONT></TD></TR>
  <TR STYLE="background-color: #EEECE1">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(7,008)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4,752)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(6,063)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(9,247)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,379)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(479)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,017)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(31,945)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at September 30, 2021</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8,220</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>7,322</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,842</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>7,427</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,368</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,472</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,446</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,990</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>41,087</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(ii) The net result from the
disposal of assets recorded as &ldquo;Impairment reversal (impairment and disposals) of non-current assets, net&rdquo; was US$174 (2021:
US$95).</FONT></P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(iii) The Company recognized
an impairment loss of US$882 related to NLC assets for the nine-month period ended September 30, 2021.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Additions and contract modifications</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Ports</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">680</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(39)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">646</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Vessels</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">492</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(33)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">457</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Pelletizing plants</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">215</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(34)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">204</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Properties</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">84</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(21)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">82</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Energy plants</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">49</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">40</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Mining equipment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(6)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">21</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,537</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>42</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(138)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>9</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,450</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Assets</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 44%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Non-current</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Pre-dollar swap and forward transactions</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">116</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Libor swap</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>69</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>126</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>62</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>20</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Base metals products </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>83</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>26</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>36</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>152</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>152</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>111</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>20</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%"><P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs3q226k_002.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 44%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Non-current</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">174</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">151</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">440</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">113</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Pre-dollar swap and forward transactions</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">38</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Libor swap </FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>63</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>251</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>214</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>592</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Base metals products</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>37</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>29</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>103</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>271</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>243</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>592</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The balance of derivatives is presented in the balance sheet
as &ldquo;Other financial assets and liabilities&rdquo; (note 12).</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 62%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(214)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(591)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">IPCA swap</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(76)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(78)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Pre-dollar swap and forward transactions</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">160</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(66)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Libor swap (i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(119)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(724)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Base metals products</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">73</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">6</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>63</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>7</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(14)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">13</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(14)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>13</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(70)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(704)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) In March 2021, the UK Financial
Conduct Authority (&ldquo;FCA&rdquo;), the financial regulator in the United Kingdom, announced the discontinuation of the LIBOR rate
for all terms in pounds, euros, Swiss francs, yen and for terms of one week and two months in dollars at the end of December 2021 and
the other terms at the end of June 2023. The Company has adopted market practices in its new agreements and is monitoring the transition
of the agreements that are still subject to LIBOR exposure.</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Gain (loss) recognized in the income statement</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 40%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">45</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(194)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">314</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(142)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">IPCA swap</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(42)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">63</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">27</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Eurobonds swap</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(28)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Pre-dollar swap and forward operations</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">188</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(238)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">386</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(32)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Libor swap </FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">44</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">9</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>232</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(472)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>807</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(166)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Base metals products</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(32)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">120</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(32)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>118</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">7</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(10)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(28)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>7</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>190</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(458)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>781</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(41)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 8pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007A7E 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007A7E 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial settlement inflows (outflows)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(46)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(89)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(109)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(18)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Eurobonds swap</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(29)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Pre-dollar swap and forward operations</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">162</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(74)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Libor and treasury swap</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>117</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(7)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>169</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(231)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Base metals products</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(194)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(24)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">154</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Thermal and coking coal</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(17)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(17)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(17)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>29</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(186)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>113</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>22</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(18)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(117)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Gain (loss) recognized in the other comprehensive income</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 39%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Net investment hedge</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(47)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(127)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">27</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(85)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Cash flow hedge (Thermal coal)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(12)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(17)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Cash flow hedge (Nickel and Palladium)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">40</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">48</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Notional (ton)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Average strike (US$/ton)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nickel Revenue Hedge Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Forward</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">18,900</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">39,575</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">25,113</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(212)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">81</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>70</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(26)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(212)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(11)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>81</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Notional (t oz)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 22%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Average strike (US$/t oz)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Palladium Revenue Hedge Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Call Options</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11,057</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">44,228</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,368</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Put Options</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11,057</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">44,228</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2,436</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>25</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>10</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Notional</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Index</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 4%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 4%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>2024+</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>CDI vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(156)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(461)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(55)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(36)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(112)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 6,636</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 8,142</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">CDI</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">101.93%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">US$ 1,540</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">US$ 1,906</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Fix</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">2.52%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>TJLP vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(58)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(130)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(34)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(47)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 879</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 1,192</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">TJLP +</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">1.05%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">US$ 221</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">US$ 320</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Fix</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">3.41%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>R$ fixed rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">123</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">36</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">71</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">51</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">72</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 20,957</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 5,730</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Fix</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">5.22%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">US$ 3,968</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">US$ 1,084</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Fix</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-1.35%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
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    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>IPCA vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(76)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(118)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(68)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 1,348</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 1,508</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">IPCA +</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">4.54%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">US$ 333</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">US$ 373</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Fix</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">3.88%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
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    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>IPCA vs. CDI swap</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">51</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 769</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">IPCA +</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 1,350</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">CDI</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
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    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt"><B>Forward</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 4,395</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">R$ 6,013</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">B</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">5.39</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">37</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">126</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">31</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7.5pt">5</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 17%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 4%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Index</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2024+</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Libor vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US$ 150</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US$ 950</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Libor</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">0.85%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US$ 150</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US$ 950</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">0.85%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In August 2022, swap operations to convert interest
rates indexed to the Libor to fixed rates were liquidated due to the settlement of a portion of the debt. The Company kept its swap strategy
for remaining amount of US$150 of debt indexed to the Libor.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>h) Protection for treasury volatility related
to tender offer transaction</B></P>

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 20%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Index</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Forwards</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">To reduce the volatility of the premium to be paid to investors
for the tender offer transaction issued on June 9, 2022, treasury lock transactions were implemented and already settled.</P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 19%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Average strike (US$/bbl)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 3%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2023+</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Brent crude oil (bbl)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Call options</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">10,268,250</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">762,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">106</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">21</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Put options</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">10,268,250</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">762,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">69</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(28)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(20)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Forward Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Freight forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,350</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">330</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">17,447</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">In 2022, the Company renewed its brent crude oil hedge through
options contracts on Brent Crude Oil, for different portions of the exposure, in order to reduce the impact of fluctuations in fuel oil
prices on the hiring and availability of maritime freight and, consequently, to reduce the Company&rsquo;s cash flow volatility. The derivative
transactions were negotiated over-the-counter and the protected item is part of the costs linked to the price of fuel oil used on ships.
The financial settlement inflows or outflows are offset by the protected items&rsquo; losses or gains.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Fair value</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Fair value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Average strike (US$/bbl)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022+</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD COLSPAN="20" STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Option related to a Special Purpose Entity (i)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Call option</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">137,751,623</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="20" STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Embedded derivative in natural gas purchase agreement </B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Call options</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">746,667</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">729,571</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">233</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(14)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Fixed price sales protection</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Nickel forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">792</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">342</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20,630</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Hedge program for products acquisition for resale </B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Nickel forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,206</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22,523</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin-right: 0; margin-left: 0">(i) In January 2019, the Company acquired a call option related
to shares of certain special purpose entities, which are part of a wind farm located in state of Bahia, Brazil, which expired in July
2022 without exercising the option.</P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Calibri,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

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

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">- Probable: the probable scenario was defined as the fair value
of the derivative instruments as of September 30, 2022.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 40%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 27%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Probable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Scenario I</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Scenario II</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>CDI vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(156)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(521)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(885)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(156)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(206)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(262)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(156)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(193)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(230)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Protected item: R$ denominated liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;n.a. </FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>TJLP vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(165)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(69)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(67)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(76)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">TJLP interest rate decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(71)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;n.a. </FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>R$ fixed rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">123</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(775)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,673)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">123</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(54)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">123</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(218)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;n.a. </FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>IPCA swap vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(76)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(157)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(238)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(76)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(87)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(99)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(76)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(92)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(107)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">IPCA index decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(76)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(84)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(92)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;n.a. </FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>US$ floating rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US$ Libor decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Protected item: Libor US$ indexed debt</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US$ Libor decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>NDF BRL/USD</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(133)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(303)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">18</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Protected item: R$ denominated liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 39%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 27%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Probable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Scenario I</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Scenario II</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Fuel oil protection</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Options</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Price input decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(112)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(290)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Protected item: Part of costs linked to fuel oil prices</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Price input decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">112</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">290</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Forward Freight Agreement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Freight price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(13)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Protected item: Part of costs linked to maritime freight prices</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Freight price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nickel sales fixed price protection</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Nickel price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(8)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Protected item: Part of nickel revenues with fixed prices</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Nickel price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nickel Revenue Hedging Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Options</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(29)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(128)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Protected item: Part of nickel revenues with fixed sales prices</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">128</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Palladium Revenue Hedging Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Options</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Palladium price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Protected item: Part of palladium future revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Palladium price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 39%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 27%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Main risks</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Probable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Scenario I</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Scenario II</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Embedded derivatives - Gas purchase</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Pellet price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(47)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

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


<!-- Field: Page; Sequence: 31 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%"><P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs3q226k_002.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Derivatives</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 1pt solid; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 1pt solid; width: 12%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Derivatives</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Aa1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">128</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Aa2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">348</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">285</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">15</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Aa3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">226</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">495</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">A1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,970</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">124</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,145</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">A2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">583</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">66</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,478</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">A3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">898</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,518</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Baa1</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">90</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Baa2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Ba2 (i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">570</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">77</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,763</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Ba3 (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">493</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,988</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="border-bottom: #00807A 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,224</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>304</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>11,905</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>131</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%"><P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs3q226k_002.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri,sans-serif; margin: 0 0 10pt; color: teal">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cash and cash equivalents (note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,182</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,182</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11,721</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11,721</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Short-term investments (note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">184</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">184</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">111</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">111</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Accounts receivable (note 9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">638</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,512</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,150</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">703</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,211</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,914</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>5,820</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,706</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>7,526</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>12,424</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,506</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>15,930</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Judicial deposits (note 25c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,289</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,289</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,220</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,220</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Restricted cash (note 12)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">78</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">78</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">117</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">117</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">20</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Investments in equity securities (note 12)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,367</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>152</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,525</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,337</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,363</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total of financial assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>7,187</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,858</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9,051</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13,761</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,526</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>17,293</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Suppliers and contractors (note 11)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,735</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,735</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,475</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,475</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">243</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">243</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Loans, borrowings and leases (note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">447</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">447</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,204</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,204</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Liabilities related to the concession grant (note 12a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">693</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">693</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">760</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">760</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other financial liabilities - Related parties (note 28)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">136</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">136</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">393</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">393</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Contract liability</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">534</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">534</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">566</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">566</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,545</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>103</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,648</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,398</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>243</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,641</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">271</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">271</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">592</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">592</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Loans, borrowings and leases (note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11,757</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11,757</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12,578</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12,578</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Participative stockholders' debentures (note 19)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,659</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,659</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,419</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,419</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Liabilities related to the concession grant (note 12a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,576</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,576</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,437</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,437</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Financial guarantees (note 6a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">542</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">542</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13,333</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,031</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>16,364</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>14,015</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,553</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>18,568</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total of financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>19,878</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,134</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>23,012</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>20,413</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,796</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>25,209</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Short-term investments (note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">184</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">184</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">304</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">304</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">118</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">131</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Accounts receivable (note 9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,512</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,512</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,211</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,211</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Investments in equity securities (note 12)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>48</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,816</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,864</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>190</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,329</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,532</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">374</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">374</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">835</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">835</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Participative stockholders' debentures (note 19)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,659</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,659</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,419</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,419</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Financial guarantees (note 6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">542</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">542</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,134</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,134</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,796</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>4,796</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Derivative financial instruments</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 58%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 20%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 20%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Losses recognized in the income statement</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at September 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;Bonds</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">6,158</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5,713</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">7,448</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">9,151</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;Debentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">235</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">232</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">387</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">387</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil in:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">278</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">278</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">354</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">449</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">R$, with fixed interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Basket of currencies and bonds in US$ indexed to LIBOR</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,762</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,569</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,615</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,231</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">87</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">54</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">88</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">86</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">107</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">117</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>10,532</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>9,889</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>12,022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>13,400</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Holders of participative stockholders&rsquo; debentures have
the right to receive semi-annual payments equal to an agreed percentage of revenues less value-added tax, transport fee and insurance
expenses related to the trading of the products, derived from these mineral resources. On October 3, 2022 (subsequent event), the Company
made available for withdrawal as remuneration the amount of US$137 for the first semester of 2022, as disclosed on the &ldquo;Shareholders&rsquo;
debentures report&rdquo; made available on the Company&rsquo;s website.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">To calculate the fair value of the liability, the Company uses
the weighted average price of trades in the secondary market for the last month of the quarter. The average price decreased from R$49.10
per debenture for the year ended December 31, 2021 to R$37.00 per debenture for the period ended September 30, 2022, resulting in a gain
of US$758 recorded in the income statement for the nine-month period ended September 30, 2022 (an expense of US$1,107 for the nine-month
period ended September 30, 2021), respectively. As of September 30, 2022 the liability was US$2,659 (US$3,419 as at December 31, 2021).</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The average price decreased from&nbsp;R$43.39&nbsp;per debenture
for the period ended June 30, 2022 (R$60.34 for the period ended June 30, 2021) to R$37.00&nbsp;per debenture for the&nbsp;period ended&nbsp;September
30, 2022 (R$57.78 for the period ended September 30, 2021), resulting in a gain of US$470 recorded in the income statement for the three-month
period ended September 30, 2022 (US$152 for the three-month period ended September 30, 2021).</P>

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

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


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

<P STYLE="color: #007E7A; font: bold 11pt Calibri,sans-serif; margin: 0; text-align: justify"><A NAME="a_026"></A>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans,
borrowings, leases, cash and cash equivalents and short-term investments</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Debt contracts</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">10,666</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12,180</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,538</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,602</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total of loans, borrowings and leases</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>12,204</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>13,782</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(-) Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,182</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11,721</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(-) Short-term investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">184</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net debt</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,980</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,877</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Cash and cash equivalents include cash, immediately redeemable
deposits, and short-term investments with an insignificant risk of change in value and readily convertible to cash, being US$1,875 (US$6,714
as of December 31, 2021) denominated in R$, indexed to the CDI, US$2,579 (US$4,769 as of December 31, 2021) denominated in US$ and US$728
(US$238 as of December 31, 2021) denominated in other currencies as of September 30, 2022.</P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">As of September 30, 2022, the balance of US$42 (US$184 as of
December 31, 2021) substantially comprises investments in exclusive investment fund immediately liquidity, whose portfolio is composed
of committed transactions and Financial Treasury Bills (&ldquo;LFTs&rdquo;), which are floating-rate securities issued by the Brazilian
government.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Average interest rate (i)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">US$ Bonds</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">6.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">6,158</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">7,448</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;R$ Debentures (ii)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">9.96%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">45</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">186</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">190</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">201</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil in (iii):</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">10.83%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">44</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">95</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">234</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">259</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">R$, with fixed interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3.04%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Basket of currencies and bonds in US$ indexed to LIBOR</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4.20%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">54</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">479</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,708</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,136</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4.09%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">77</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">10</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3.59%</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">77</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">95</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Accrued charges</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">134</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">158</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>290</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,030</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>10,376</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>11,150</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) In order to determine the average interest rate for debt contracts
with floating rates, the Company used the rate applicable as of September 30, 2022.</P>

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

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(iii) The Company contracted derivatives to mitigate the exposure
to changes in cash flows of debt contracted in Brazil, resulting in an average cost of 3.59% per year in US$.</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Principal</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 26%; border-bottom: #007E7A 1pt solid">
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>Estimated future </B></P>
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>interest payments (i)</B></P></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">78</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">138</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">102</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">618</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2024</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">607</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">593</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2025</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">148</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">571</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Between 2026 and 2030</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,675</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,868</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2031 onwards</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,922</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,403</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>10,532</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>6,191</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) Based on interest rate curves
and foreign exchange rates applicable as of September 30, 2022 and considering that the payments of principal will be made on their contracted
payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the financial statements.</FONT></P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Some of the Company&rsquo;s debt agreements with lenders contain
covenants. The primary financial covenants in those agreements require maintaining certain ratios, such as debt to EBITDA, which is defined
in note 4, and interest coverage. The Company did not identify any instances of noncompliance as of September 30, 2022.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 30%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Quoted in the secondary market</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Debt contracts on the international market</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>7,974</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>380</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,826</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>12,180</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">775</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">775</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1,429)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(208)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(639)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2,276)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Interest paid (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(552)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(42)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(56)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(650)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(1,981)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(250)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>80</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(2,151)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Effect of exchange rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">102</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">31</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(71)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">62</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Interest accretion</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">403</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">119</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">53</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">575</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>505</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>150</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(18)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>637</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>6,498</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>280</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,888</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>10,666</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

<P STYLE="color: teal; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify">Funding and payments</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">In
January 2022, the Company contracted two lines of credit indexed to Libor, in the amount of US$425 with maturity in 2027 with the Bank
of Nova Scotia, and prepaid US$200 of a line of credit maturing in 2023 with the same bank.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">In
May 2022, the Company contracted the credit line of US$200 with MUFG Bank indexed to Secured Overnight Financing Rate (&ldquo;SOFR&rdquo;)
and maturing in 2027.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">In
June 2022, the Company repurchased US$1,291 of its bonds and paid a premium of US$113, which has been recorded and is presented as &ldquo;Bond
premium repurchase&rdquo; under the financial results for the nine-month period ended September 30, 2022.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">In
July 2022, the Company contracted the credit line of US$150 with SMBC Bank indexed to Secured Overnight Financing Rate (&ldquo;SOFR&rdquo;)
and maturing in 2027. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">In
August 2022, the Company settle its infrastructure debentures of the 2nd series, by a payment of US$170. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">In
January 2021, the Company contracted the credit line of US$300 with The New Development Bank maturing in 2035 and indexed to Libor + 2.49%
per year.</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">In
March 2021, the Company redeemed all of its 3.750% bonds due January 2023, in the total amount of US$884 (EUR750 million) and paid a premium
of US$63, which was recorded and is presented as &ldquo;Bond premium repurchase&rdquo; under the financial results for the nine-month
period ended September 30, 2021.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 36 -->
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<P STYLE="font: 10pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Additions and contract modifications</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Payments (i)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Interest</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Sale of Midwestern System (note 14)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Ports</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">713</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(54)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(17)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">671</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Vessels</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">489</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(47)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">453</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Pelletizing plants</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">225</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">245</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Properties</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">103</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(27)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">98</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Energy plants</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">59</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">52</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Mining equipment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">19</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,602</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>42</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(146)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>47</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>(17)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>10</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,538</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">174</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">157</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,428</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,381</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,602</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,538</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) The total amount of the variable lease payments not included
in the measurement of the lease liabilities for the nine-month period ended September 30, 2022 was US$270 (2021: US$277).</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2025</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2026 onwards</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Remaining contractual term (years)</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Discount rate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Ports</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">729</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">927</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1 to 21</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3% to 5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Vessels</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">346</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">543</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3 to 11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3% to 4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Pelletizing plants</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">112</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">281</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1 to 11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2% to 5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Properties</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">111</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1 to 8</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2% to 6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Energy plants</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1 to 8</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5% to 6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Mining equipment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1 to 6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2% to 6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>88</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>208</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>192</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>182</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,282</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,952</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">On January 25, 2019, a tailings dam (&ldquo;Dam I&rdquo;) failed
at the C&oacute;rrego do Feij&atilde;o mine, in the city of Brumadinho, state of Minas Gerais. The failure released a flow of tailings
debris, destroying some of Vale&rsquo;s facilities, affecting local communities and disturbing the environment. The tailings released
have caused an impact of around 315 km in extension, reaching the nearby Paraopeba River. The dam failure in Brumadinho (&ldquo;event&rdquo;)
resulted in 270 fatalities or presumed fatalities, including 4 victims still missing, and caused extensive property and environmental
damage in the region.</P>

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%"><P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs3q226k_002.jpg" ALT=""></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 34%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%">
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>Operating</B></P>
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: right"><B>expense</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Present value adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Disbursements</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Global Settlement for Brumadinho</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Payment obligations</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,427</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(571)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">108</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">978</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Provision for socio-economic reparation and others</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">852</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(70)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">830</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Provision for social and environmental reparation</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">705</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
<TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">739</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,984</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>24</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(665)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>204</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,547</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Commitments</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Tailings containment and geotechnical safety</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">318</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">236</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">496</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Individual indemnification</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">115</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">61</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other commitments</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">120</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">127</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>553</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>267</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(141)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>684</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,537</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>267</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>22</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(806)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>211</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,231</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,156</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,318</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,381</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,913</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,537</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,231</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Discount rate in nominal terms</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8.08%</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8.75%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has incurred expenses, which have been
recognized straight to the income statement, in relation to tailings management, humanitarian assistance, payroll, legal services, water
supply, among others. In the three and nine-month periods ended September 30, 2022, the Company incurred expenses in the amounts of US$160
and US$437, respectively (US$161 and US$461 in the three and nine-month periods ended September 30, 2021).</P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; background-color: white">The Global Agreement includes: (i) payment
obligations, of which the funds will be used directly by the State of Minas Gerais and Institutions of Justice for socio-economic and
socio-environmental compensation projects; (ii) socioeconomic projects in Brumadinho and other municipalities; and (iii) compensation
of the environmental damage caused by the dam rupture. These obligations are projected for an average period of 5 years.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 10pt; text-align: justify">For the measures (i) and (ii), the agreement specifies
an amount for each project and changes in the original budget and deadlines may have an impact in the provision. In addition, despite
the amount set by Global Settlement to carry out the environmental recovery actions, it has no cap due to the Company's legal obligation
to fully repair the environmental damage caused by the dam rupture. The expenses related to these obligations are deducted from the income
tax calculation, in accordance with the Brazilian tax regulation, which is subject to periodic inspection by the competent authorities.
Therefore, despite the fact Vale is monitoring this provision, the amount recorded could materially change depending on several factors
that are not under the Company&rsquo;s control.</P>

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

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 10pt; text-align: justify">The Company is party to public civil actions brought by
the State of Minas Gerais and justice institutions, claiming compensation for socioeconomic and socio-environmental damages resulting
from the dam failure and seeking a broad range of preliminary injunctions ordering Vale to take specific remediation and reparation actions.
As a result of the Global Settlement, settled in February 2021, the requests for the reparation of socio-environmental and socioeconomic
damages caused by the dam rupture were substantially resolved. Indemnifications for individual damages was excluded from the Global Settlement,
and the Term of Commitment signed with the Public Defendants of the State of Minas Gerais was ratified, whose parameters are utilized
as a basis for the settlement of individual agreements. In the same year of 2021, it was initiated, by Vale and the State of Minas Gerais
and justice institutions, the fulfilment of the Global Settlement.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 10pt; text-align: justify"><I><U>(b.ii) Collective Labor Civil Actions</U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">In 2021, public civil actions were filed in
the Betim Labor Court in the State of Minas Gerais, by a workers' unions claiming the payment of compensation for death damages to own
and outsourced employees, who died as a result of the rupture of Dam I. Initial sentences were published condemning Vale to pay from US$185
thousand (R$1 million) per fatal victim. Vale is defending itself on the lawsuits and understands that the likelihood of loss is possible.</P>

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Vale is defending itself in a class action brought before a Federal
Court in New York and filed by holders of securities - American Depositary Receipts (&quot;ADRs&quot;) - issued by Vale. Following the
decision of the Court, in May 2020, that denied the Motion to Dismiss presented by the Company, the Discovery phase has started and is
expected to be concluded in 2023.</P>

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

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The likelihood of loss of these proceedings is classified
as possible. However, considering the initial stage of this class action, it is not possible to reliably estimate the amount of a potential
loss at this time. The Plaintiff did not specify the amounts alleged in this demand.</P>

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

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

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

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the six proceedings, the Claimants argue Vale
was aware of the risks associated with the dam and failed to disclose it to the stockholders. Based on such argument, they claim compensation
for losses caused by the decrease of the value of the shares.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The expectation of loss is classified as possible for the six
procedures and, considering the initial phase, it is not possible at this time to reliably estimate the amount of a possible loss.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In one of the proceedings filed by foreign funds,
the Claimants initially estimated the amount of the alleged losses would be approximately US$333 (R$1,800 million). In another proceeding
filed by foreign funds, the Claimants initially estimated the amount of the alleged losses would be approximately US$721 (R$3,900 million).
The Company disagrees with the ongoing proceedings and understands that, in this case and at the current stage of the proceedings, the
probability of loss in the amount claimed by the foreign funds is remote.</P>

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

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On April 28, 2022, SEC filed a suit against Vale
alleging violations of U.S. securities laws arising from Vale&rsquo;s disclosures about its dam safety management, including the dam in
Brumadinho. The SEC is seeking the imposition of civil monetary penalties, disgorgement and other relief within the SEC&rsquo;s authority
in a lawsuit filed in a federal court. Vale believes that its disclosures did not violate U.S. law and is contesting such allegations.
On September 29, 2022, Vale served the SEC with its motion to dismiss the complaint. The SEC&rsquo;s deadline to serve Vale with its Opposition
to the motion to dismiss is currently ongoing. The likelihood of loss of this proceeding is classified as possible and it is not yet possible
to reliably estimate the amount of a potential loss to the Company due to the initial phase of the lawsuit.</P>

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

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

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

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

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

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


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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 10pt; text-align: justify"><I><U></U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I><U>(b.vii) Decision of Brazilian Office
of the Comptroller General (&ldquo;CGU&rdquo;)</U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">In October 2020, the Company was
informed that the CGU initiated an administrative proceeding based on the same allegations under the Brazilian Law 12,846/2013 in
connection with inspection and monitoring activities relating to the Brumadinho dam. In August 2022, the CGU has concluded that Vale
has failed to present reliable information to the Brazilian National Mining Agency (&ldquo;ANM&rdquo;) and that it was issued a
positive stability condition (&ldquo;DCE&rdquo;) statement for the Dam I of Brumadinho, when, in the understanding of the CGU, it
should be negative. Thus, even recognizing the non-existence of corruption acts, the CGU issued a fine of US$16 (R$86 million), the
minimum baseline established by law, recognizing the non-involvement or tolerance of the top management. Vale has submitted a
request for reconsideration, but it believes the likelihood of loss this amount is possible.</P>

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

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

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

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

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

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007A7E"><B><A NAME="a_028"></A>22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="color: #007E7A">Liabilities
related to associates and joint ventures</FONT></B></P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: #007E7A"><FONT STYLE="background-color: white"><B>a) Provision
related to the rupture of Samarco dam</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">In 2016, Vale, Samarco and BHPB, entered into a Framework Agreement
with the Federal Government of Brazil, the states of Esp&iacute;rito Santo and Minas Gerais and certain other public authorities to establish
that is developing and executing environmental and socio-economic programs to remediate and provide compensation for damage caused by
the Samarco dam failure.</P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Under the Framework Agreement, Samarco has primary responsibility
for funding Funda&ccedil;&atilde;o Renova&rsquo;s annual calendar year budget for the duration of the Framework Agreement. However, to
the extent that Samarco does not meet its funding obligations, each of Vale and BHPB have secondary funding obligations under the Framework
Agreement in proportion to its 50 per cent shareholding in Samarco.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Samarco began to gradually recommence operations in December
2020, however, there remains significant uncertainty regarding Samarco&rsquo;s long-term cash flow generation. In light of these uncertainties
and based on currently available information, Vale has a provision for its obligations under the Framework Agreement programs in the amount
of US$2,953 at September 30, 2022 (December 31, 2021: US$2,910).</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white; color: #007E7A"><B>b)
Germano Dam</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">In addition to the Fund&atilde;o
tailings dam, Samarco owns the Germano dam, which was also built under the upstream method and has been inactive since the Fund&atilde;o
dam rupture. Due to the safety requirements set by the Brazilian National Mining Agency (&ldquo;ANM&rdquo;), Samarco prepared a project
for the de-characterization of this dam, resulting in a provision for the de-characterization of the Germano tailings dam. As of September
30, 2022, Vale has a provision for de-characterization of Germano tailings dam in the amount of US$191 (December 31, 2021: US$202).</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: #007E7A"><FONT STYLE="background-color: white"><B>c) </B></FONT><B>Changes
on the provisions in the period</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 21%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,112</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,074</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Additional provision</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">89</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">560</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Disbursements</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(114)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(131)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Present value adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(101)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(137)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at September 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,144</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,265</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,027</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,785</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,117</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,327</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,144</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,112</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; background-color: white; color: #007E7A"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">In addition to the provision, Vale S.A. made available US$21
during the nine-month period ended September 30, 2021, which was fully used to fund Samarco&rsquo;s working capital. This amount was recognized
in Vale&acute;s income statement as an expense in &ldquo;Equity results and other results in associates and joint ventures&rdquo;. In
2022, Vale was not required to fund Samarco&rsquo;s working capital.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>e) </B></FONT><B><FONT STYLE="color: teal">Judicial
recovery of Samarco</FONT></B></P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">In addition, the ongoing discussions in the context of the RJ
may lead to the loss of deductibility of part of the expenses incurred with the Renova Foundation and of the deferred taxes over the total
provision, depending on the method determined for restructuring Samarco's debts. As of September 30, 2022, the exposure is US$1,471 (R$7,951
million), of which US$439 (R$2,376 million) are expenses already incurred and considered as part of the Company&rsquo;s uncertain tax
positions.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><I><U>(f.i) Public civil action brought by federal prosecutors
and framework agreements</U></I></P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Vale is a defendant in several legal proceedings brought by governmental
authorities and civil associations claiming socioenvironmental and socioeconomic damages and a number of specific remediation measures
as a result of the rupture of Samarco&rsquo;s Fund&atilde;o dam, including a claim brought by the Federal Public Prosecution Office in
2016 seeking US$29 billion (R$155 billion) (full amount of the claim, the effect for Vale would be 50% of this amount), which has been
suspended from the date of ratification of the TacGov Agreement.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">However, pre-requisites established in the TacGov Agreement,
for renegotiation of the Framework Agreement were not implemented during the two-year period and on September 30, 2020, and Brazilian
Federal and State prosecutors and public defenders filed a request for the immediate resumption of the US$29 billion (R$155 billion) claim.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Therefore, Vale, Samarco, BHPB and Federal and State prosecutors
have been engaging in negotiations to seek a definitive settlement of the obligations under the Framework Agreement and the US$29 billion
(R$155 billion) Federal Public Prosecution Office claim. The goal with a potential agreement is to provide a stable framework for the
execution of reparation and compensation programs.</P>


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<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The potential agreement is still uncertain as it is subject to
conclusion of the negotiations and approval by the Company, relevant authorities and Intervenient parties.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The estimate of the economic impact of a potential agreement
will depend mainly on (i) a detailed assessment of the estimates of the amounts to be spent on the reparation and compensation projects
being discussed, (ii) an analysis of the detailed scope of such projects to determine their overlap with the initiatives and amounts already
provisioned; and (iii) the timing of the execution of projects and disbursements, which will impact the present value of the obligations.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Therefore, until any revisions to the Programs are agreed, Funda&ccedil;&atilde;o
Renova will continue to implement the Programs in accordance with the terms of the Framework Agreement and the TacGov Agreement, for which
the expected costs are reflected in the Company&rsquo;s provision.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><I><U>(f.ii) Criminal proceeding</U></I></P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>g) Insurance</B></P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Since the Fund&atilde;o dam rupture, the Company negotiated with
insurers the indemnification payments based on its general liability policies. In the nine-month period ended September 30, 2021, the
Company received US$33, which was recorded as a gain in the income statement as &ldquo;Equity results and other results in associates
and joint ventures&rdquo;. The Company did not receive any further insurance in 2022 and does not expect to receive any material amounts
in the future.</P>

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

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

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; color: teal"><B><A NAME="a_029"></A>23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
for de-characterization of dam structures and asset retirement obligations</B></P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The Company is subject to laws and regulations that requires
the decommissioning of the assets and mines sites at the end of the operation and, therefore, decommissioning expenditures are incurred
predominantly when the Company ceases the operating activities. Depending on the geotechnical characteristics of the structures, the Company
is required to de-characterize the structures, as described below.</P>

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

<P STYLE="color: #00807A; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify">a) De-characterization of upstream and centerline
geotechnical structures</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">As a result of the Brumadinho dam rupture (note 21), the Company
has decided to speed up the plan to &ldquo;de-characterize&rdquo; all of its tailings dams built under the upstream method, certain &ldquo;centerline
structures&rdquo; and dikes, located in Brazil. The Company also operates tailings dams in Canada, including upstream compacted dams.
However, the Company has decided that these dams will be decommissioned using other methods, and so, the provision to execute decommissioning
of dams in Canada is recognized as &ldquo;Asset retirement obligations and environmental obligations&rdquo;, presented in item (b) below.</P>

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

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

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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="width: 70%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,523</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2,289</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Additional provision</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Disbursements</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(247)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(254)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Present value adjustment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(81)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">129</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(97)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at September 30,</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,454</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,857</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">472</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">451</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2,982</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,072</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,454</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>3,523</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">In addition, due to the de-characterization projects, the Company
has suspended some operations due to judicial decisions or technical analysis performed by Vale on its upstream dam structures located
in Brazil. The Company has been recording losses in relation to the operational stoppage and idle capacity of the ferrous mineral segment
in the amounts of US$202 for the nine-month period ended on September 30, 2022 (US$256 for the nine-month period ended on September 30,
2021). The Company is working on legal and technical measures to resume all operations at full capacity.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Discount rate</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Cash flow duration</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Liability by geographical area</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,334</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,398</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5.74%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5.48%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2119</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,463</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2,727</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1.39%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2150</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Oman</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">123</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">123</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4.86%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3.03%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2035</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Indonesia</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">69</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">77</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4.49%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4.20%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2061</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">183</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">255</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">0.02 - 2.55%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">0.00 - 7.79%</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,172</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,580</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 36%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,283</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>297</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,580</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,220</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>302</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,522</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Present value adjustment (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1,169)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1,173)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(432)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(440)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Disbursements</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(73)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(114)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(60)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(32)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(92)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Revisions on projected cash flows</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">40</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">41</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(116)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(56)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(66)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Transfer to assets held for sale (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(49)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(51)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at September 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,916</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>256</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,172</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,672</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>252</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,924</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Current</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">131</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">97</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">228</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">72</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">98</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">170</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Non-current</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2,785</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">159</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2,944</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4,211</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">199</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4,410</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,916</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>256</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,172</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,283</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>297</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,580</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">(i) Mainly refers to the increase in the discount rate of the
asset retirement obligation in Canada, which increased from 0.00% to 1.39% in the nine-month period ended September 30, 2022. The adjustment
in provision was recorded as the property, plant and equipment (note 16).</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: teal"><B>c) Financial guarantees</B></P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The Company has issued letters of credit and surety bonds of
US$566 as of September 30, 2022 (US$605 as of December 31, 2021), in connection with the asset retirement obligations for its Base Metals
operations.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Calibri,sans-serif; margin: 0 0 10pt; color: teal">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 11pt Calibri,sans-serif; margin: 0; text-align: justify"><A NAME="a_030"></A>24. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Provisions for litigation (note 25)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">100</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">93</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,089</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,012</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Employee post-retirement obligations (note 26)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">105</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">99</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,260</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,533</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Payroll, related charges and other remunerations</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">724</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">816</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Onerous contracts (note 14)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">37</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">874</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>929</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,045</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2,349</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3,419</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="color: navy; font: bold 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Tax litigations
-</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Mainly refers to the lawsuit filed in 2011 by Valepar (merged by Vale) seeking
the right to exclude the amount of dividends received in the form of interest on capital (&ldquo;JCP&rdquo;) from the PIS and COFINS tax
base. The amount reserved for this proceeding as of September 30, 2022 is US$434 (2021: US$402). This proceeding is guaranteed by a judicial
deposit in the amount of US$502 as of September 30, 2022 (2021: US$463). </FONT></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 34%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Tax litigation</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Civil litigation</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Labor litigation</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Environmental litigation</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total of litigation provision </B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>456</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>284</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>358</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,105</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Additions and reversals, net (note 5)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">39</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">47</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">96</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(51)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(43)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(95)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">28</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">63</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">30</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Transfer to held for sale (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Balance at September 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>492</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>298</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>385</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,189</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">61</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">100</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">477</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">276</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">324</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,089</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>492</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>298</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>385</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,189</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 34%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Tax litigation</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Civil litigation</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Labor litigation</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Environmental litigation</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total of litigation provision </B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>485</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>260</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>335</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,091</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Additions and reversals, net (note 5)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">67</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(70)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Indexation and interest</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">55</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Acquisition of NLC (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(48)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">9</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at September 30, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>463</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>257</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>376</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,104</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">80</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">456</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">242</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">319</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,024</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>463</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>257</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>376</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,104</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Tax litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6,286</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">8,731</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Civil litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,196</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,503</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Labor litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">549</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">516</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Environmental litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,030</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">954</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9,061</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>11,704</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In addition, as reported in
the financial statements for the year ended December 31, 2021, the Company is a counterparty in several actions and the main updates on
contingent liabilities since then, are discussed as follows:</FONT></P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company is a party to several
collections related to the alleged improper use of PIS and COFINS credits (federal taxes levied on the companies' gross revenue). Brazilian
tax legislation authorizes taxpayers to use PIS and COFINS tax credits, such as those referring to the acquisition of inputs for the production
process and other items. The tax authorities mainly claim that (i) some credits were not related to the production process, and (ii) the
right to use the tax credits was not adequately proven. During 2022 the Company received new proceedings in the amount of US$529 (R$2,862
million), for which the likelihood of loss is deemed possible.</FONT></P>

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

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Vale is engaged
in several administrative and court proceedings relating to additional charges of ICMS by the tax authorities of different Brazilian states.
In each of these proceedings, the tax authorities claim that (i) use of undue tax credit; (ii) failing to comply with certain accessory
obligations; (iii) the Company is required to pay the ICMS on acquisition of electricity (iv) operations related to the collection of
tax rate differential (&ldquo;DIFAL&rdquo;) and (v) incidence of ICMS on its own transportation. During 2022, the Company received new
proceedings in the amount of US$84 (R$453 million), for which the likelihood of loss is deemed possible.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Tax litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,009</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">957</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Civil litigations </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">137</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">100</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Labor litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">131</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">141</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Environmental litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">22</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,289</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,220</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">In addition to the above-mentioned tax, civil, labor and environmental
judicial deposits, the Company contracted US$2,181 in guarantees for its lawsuits, as an alternative to judicial deposits.&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><BR>
<BR>
</B></P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_032"></A>26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
post-retirement obligations</B></P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The Company has long-term reward mechanisms that include the
Matching program and the Performance Shares Units (&ldquo;PSU&rdquo;) for eligible executives to retain and stimulate their performance.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">On March 30, 2022, a new cycle of the Matching program started
and the fair value was calculated on the Company's share price and their respective ADRs at the grant date, which was R$95.87 and US$20.03
per share. The Company will grant 1,437,588 shares for the new cycle (2021: 1,046,255 shares).</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">During the third quarter of 2022, a new cycle of the PSU program
has started and the Company will grant 1,709,955 shares (2021: 1,474,723 shares). The fair value was calculated based on the performance
factor using Monte Carlo simulations for the Return to Shareholders Indicator and health and safety and sustainability indicators. The
assumptions used for the Monte Carlo simulations are shown in the table below, as well as the result used to calculate the expected value
of the total performance factor.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 77%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>PSU</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Granted shares</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1,709,955</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Date shares were granted</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1/3/2022</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">VALE (BRL)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">78.00</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">VALE ON (USD)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13.81</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Expected volatility</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">39.00%p.y.</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Expected term (in years)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Expected shareholder return indicator</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">51.20%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Expected performance factor</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">53.08%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The fair value of the program will be recognized on a straight-line
basis over the required three-year period of service, net of estimated losses.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>b) Reconciliation
of assets and liabilities recognized in the balance sheet</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 34%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other benefits</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Other benefits</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at beginning of the period</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>919</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>864</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Changes on asset ceiling</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">249</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Balance at end of the period</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1,246</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>919</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD COLSPAN="13" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Amount recognized in the balance sheet</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Present value of actuarial liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(4,942)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(592)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,089)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2,833)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(3,983)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,428)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Fair value of assets</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6,188</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">316</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,752</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,779</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,246)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(919)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(276)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,089)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(204)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,428)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(47)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(52)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(235)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,025)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(157)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1,376)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(276)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,089)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(204)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(1,428)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

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


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; color: #00807A"><B><A NAME="a_033"></A>27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders&rsquo; equity</B></P>

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

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

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">As of September 30, 2022, the
share capital was US$61,614 corresponding to 4,778,889,263 shares issued and fully paid without par value.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 21%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Common shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Golden shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 14%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Shareholders with more than 5% of total capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,317,200,871</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,317,200,871</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Previ</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">408,743,556</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">408,743,556</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Capital World Investors</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">319,508,101</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">319,508,101</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Blackrock, Inc</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">302,602,159</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">302,602,159</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Mitsui&amp;co</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">286,347,055</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">286,347,055</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Free floating</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,225,390,427</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3,225,390,427</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Golden shares</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">12</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total outstanding (without shares in treasury)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,542,591,298</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,542,591,310</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">Shares in treasury</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">236,297,953</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">236,297,953</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,778,889,251</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4,778,889,263</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.25pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
February 24, 2022, the Board of Directors approved the cancellation of 133,418,347 common shares issued by the Company and held in treasury,
without reducing the value of its share capital. The effect of US$2,830 was recorded in shareholders' equity as &ldquo;Treasury shares
used and cancelled&rdquo;.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.25pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
July 28, 2022, the Board of Directors approved the cancellation of 220,150,800 common shares issued by the Company and held in treasury,
without reducing the value of its share capital. The effect of US$3,786 was recorded in shareholders' equity as &ldquo;Treasury shares
used and cancelled&rdquo;.</FONT></TD></TR></TABLE>

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

<P STYLE="color: navy; font: 9pt Arial,sans-serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt; font-weight: normal; color: teal">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On September 16, 2021, the
Board of Directors approved the cancellation of 152,016,372 common shares of the Company acquired in previous buyback programs and held
in treasury, without reducing its capital stock. The effect of US$2,401 was recorded in shareholders' equity as &ldquo;Treasury shares
used and cancelled&rdquo;.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.25pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
February 24, 2022, the Board of Directors approved the remuneration to shareholders in the amount of US$3,500, which was fully paid on
March 16, 2022.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -14.15pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.25pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
July 28, 2022, the Board of Directors approved the remuneration to shareholders in the amount of US$3,000, which was fully paid on September
1, 2022.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -14.15pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.25pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
February 25, 2021, the Board of Directors approved the remuneration to shareholders in
the amount of US$3,972, which was fully paid on March 15, 2021.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -14.15pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.25pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
June 17, 2021, the Board of Directors approved an additional remuneration to shareholders in the amount of US$2,200, which was fully paid
on June 30, 2021.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -14.15pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.25pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
September 16, 2021, the Board of Directors approved the stockholder&rsquo;s remuneration in the total amount of US$7,391 million, which
was fully paid on September 30, 2021.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.25pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
May 16, 2022, the Company reached the approved limit for the buyback program of up to 470,000,000 shares. Of this amount, 178,815,500 common
shares and their respective ADRs were repurchased in 2022, corresponding US$3,251, of which US$1,750 were acquired through wholly owned
subsidiaries and US$1,501 by the Parent Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.25pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
May 16, 2022, the Company started a new share buyback program to repurchase 500,000,000 common shares and their respective ADRs over the
next 18 months. During the nine-month period ended September 30, 2022, the Company repurchased 119,114,479 common shares and their respective
ADRs, corresponding to US$1,819, of which US$964 were acquired through wholly owned subsidiaries and US$855 by the Parent Company.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 75%"><P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri,sans-serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 5%">&nbsp;</TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs3q226k_002.jpg" ALT=""></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.25pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">As
of September 30, 2022, the Company hold 236,297,953 shares, being 125,456,849 through its wholly owned subsidiaries and 110,841,104 directly
by the Parent Company, of which US$2,127 through its wholly owned subsidiaries and US$1,887 million by the Parent Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.25pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">During
the nine-month period ended September 30, 2021, the Company repurchased 238,860,947 common shares at an average cost of US$20.28 per share
(R$105.76 per share), being 99,842,600 through wholly owned subsidiaries and 139,018,347 directly by the parent company. The amount acquired
was US$4,845, being US$1,837 through wholly owned subsidiaries and US$3,008 by the Parent Company.</FONT></TD></TR></TABLE>

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

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

<P STYLE="color: #00807A; font: bold 11pt Calibri,sans-serif; margin: 0; text-align: justify"><A NAME="a_034"></A>28. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related
parties</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="color: navy; font: bold 9pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 28%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial results</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial results</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>104</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(273)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>177</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(280)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(1)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">92</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">177</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(81)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(129)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(118)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(86)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(37)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>73</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>69</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(1)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Major stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>67</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>88</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>52</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(113)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">88</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(114)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">52</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total of continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>244</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(282)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>80</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>298</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(286)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(115)</B></FONT></TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Calibri,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 28%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial results</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial results</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>379</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(738)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(29)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>516</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(610)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(9)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">347</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">516</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(87)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(80)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(249)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(219)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(11)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(296)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(216)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(100)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(88)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>219</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(21)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>196</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(15)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(2)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">218</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">195</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Major stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>224</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>270</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>166</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(31)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">270</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(33)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">224</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">166</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total of continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>822</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(759)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>238</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>878</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(625)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(42)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Discontinued operation - Coal (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(95)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">15</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>822</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(759)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>238</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>878</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(720)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>(27)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Assets</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>September 30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 31%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Dividends receivable, financial instruments and other assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Dividends receivable, financial instruments and other assets</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>96</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>36</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>75</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>96</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">92</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">74</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">39</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">37</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>17</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI </FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Major stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>481</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>70</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,825</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">445</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">70</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">1,746</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">36</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">79</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Pension plan</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>15</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>481</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>135</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>123</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>1,825</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>109</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt; color: black"><B>104</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

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


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Calibri (Corpo); text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>September 30, 2022</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 45%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial instruments and other liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Financial instruments and other liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>340</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>136</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>70</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>393</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">267</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">136</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">393</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>88</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>47</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">88</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">47</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Major stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>116</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>265</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">116</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">265</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Pension plan</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>10</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>357</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>340</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>91</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>705</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

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



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

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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

<!-- Field: Page; Sequence: 50; Options: NewSection; Value: 49 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

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

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

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

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

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

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

    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%"></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"></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>
