<SEC-DOCUMENT>0001292814-23-000251.txt : 20230131
<SEC-HEADER>0001292814-23-000251.hdr.sgml : 20230131
<ACCEPTANCE-DATETIME>20230131171209
ACCESSION NUMBER:		0001292814-23-000251
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230131
DATE AS OF CHANGE:		20230131

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:		23573384

	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>vale20230131_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">January 2023</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 2in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">(Check One)
Form 20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT> Form 40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="vale202301316k_001.jpg" ALT=""></P>

<P STYLE="color: #747678; font: 12pt/150% Arial,sans-serif; margin: 0"></P>

<P STYLE="color: #007E7A; font: 20pt Vale Sans,sans-serif; margin: 0 0 12pt">&nbsp;</P>


<P STYLE="margin: 0; font-family: Vale Sans,sans-serif; color: #007E7A">Vale&rsquo;s production and sales in 4Q22 and 2022</P>

<P STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin: 12pt 0 6pt 14.2pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B>Rio
de Janeiro, January 31<SUP>st</SUP>, 2023</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.65pt"></TD><TD STYLE="width: 14.75pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 18.7pt">Vale&rsquo;s Q4 performance was marked by strong iron ore fines and nickel sales,
up 24% and 30% q/q respectively, converting into sales the inventories formed in the previous quarter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.65pt"></TD><TD STYLE="width: 14.75pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 18.7pt">Iron ore production totaled 308 Mt in 2022, 2% lower y/y, mainly due to (i) licensing
delays at Serra Norte; and (ii) jaspilite waste processing and operational performance at S11D. This was partially offset by (i) continued
production ramp-up at Vargem Grande; (ii) higher dry processing production at Brucutu; and (iii) higher third-party purchase.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.65pt"></TD><TD STYLE="width: 14.75pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 18.7pt">Pellets production totaled 32 Mt in 2022, up 1% y/y, with an improved mix of direct
reduction pellets (49% of total production vs. 41% in 2021), leveraging on the higher-quality feed and taking advantage of better market
premiums.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.65pt"></TD><TD STYLE="width: 14.75pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 18.7pt">Nickel production grew 6% in 2022 to 179 kt, largely due to the stabilization of
Sudbury operations after the labor strike in 2021, as well as consistent and strong performance at On&ccedil;a Puma. This was partially
offset by lower feed availability owing to PTVI furnace rebuild and the later ramp-up of VBME.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.65pt"></TD><TD STYLE="width: 14.75pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 18.7pt">Copper production decreased 15%, totaling 253 kt in 2022, due to extended maintenance
at Sossego mill during the first half of the year, and additional maintenance required at both Sossego and Salobo. This was partially
offset by higher production in Canada owing to the stabilization of Sudbury mines and the recovery of copper from copper precipitates
in Thompson, reducing waste as part of our approach to circular mining.</TD></TR></TABLE>

<P STYLE="color: #007E7A; font: 10pt/150% Vale Sans Medium,sans-serif; margin: 0 18.7pt 2pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: bold 12pt Arial,sans-serif; margin: 0 0 2pt">&nbsp;</P>


<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Production summary</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 15.2pt; font-size: 8pt">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD>
    <TD ROWSPAN="2">
    <P STYLE="color: white; font: 7.5pt Arial,sans-serif; margin: 0; text-align: right"><B>2022 </B></P>
    <P STYLE="color: white; font: 7.5pt Arial,sans-serif; margin: 0; text-align: right"><B>guidance</B></P></TD>
    <TD ROWSPAN="2">
    <P STYLE="color: white; font: 7.5pt Arial,sans-serif; margin: 0; text-align: right"><B>2023 </B></P>
    <P STYLE="color: white; font: 7.5pt Arial,sans-serif; margin: 0; text-align: right"><B>guidance </B></P></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q22</B></FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial,sans-serif; padding-right: 0.7pt; padding-left: 0.7pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/3Q22</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/4Q21</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022/2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="width: 18%; padding-right: 0.7pt; padding-left: 7.1pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Iron ore<SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 7%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">80,852</FONT></TD>
    <TD STYLE="width: 7%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">89,701</FONT></TD>
    <TD STYLE="width: 7%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">81,678</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">307,793</FONT></TD>
    <TD STYLE="width: 7%; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">312,901</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-9.9%</FONT></TD>
    <TD STYLE="width: 9%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-1.0%</FONT></TD>
    <TD STYLE="width: 9%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-1.6%</FONT></TD>
    <TD STYLE="width: 10%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">~310 Mt</FONT></TD>
    <TD STYLE="width: 10%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">310-320 Mt </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Pellets</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,261</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,256</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,073</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">32,111</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">31,708</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.1%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-8.9%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.3%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">~33 Mt</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">36-40 Mt<SUP>2</SUP></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">47.4</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">51.8</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">48.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">179.1</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">168.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-8.5%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-1.3%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.4%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">~180 kt</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">160-175 kt</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 7.1pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">66.3</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">74.3</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">77.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">253.1</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">296.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-10.8%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-14.5%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-14.7%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">~260 kt</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">335-370 kt</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    Including third-party purchases, run-of-mine and feed for pelletizing plants. Excluding Midwestern System volumes. </FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>2</SUP>
    Iron ore agglomerates guidance, including iron ore pellets and briquettes. </FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 1pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: #747678; font: bold 12pt Arial,sans-serif; margin: 0 0 2pt">&nbsp;</P>


<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Sales summary</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 15.2pt; font-size: 8pt">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 18%; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="width: 8%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 8%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="width: 8%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; font: 10pt Arial,sans-serif; padding-right: 0.7pt; padding-left: 0.7pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/3Q22</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/4Q21</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022/2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Iron ore fines<SUP>1</SUP></FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">81,202</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">65,381</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">81,749</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">260,663</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">270,885</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24.2%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-0.7%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-3.8%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Iron ore pellets</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,789 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,521</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10,351</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33,164</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">32,306</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3.1%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-15.1%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.7%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Iron ore ROM</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1,963</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3,668</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">607</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,216</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2,052</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-46.5%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">223.4%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">300.4%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">58.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">44.3</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">44.7</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">180.8</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">181.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">31.4%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">30.2%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-0.5%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 7.1pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">71.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">70.5</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">73.7</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">243.9</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">284.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.6%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-2.8%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-14.3%</FONT></TD></TR>
  </TABLE>
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  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    Including third-party purchases. Excluding Midwestern System volumes.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>
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<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">Businesses&rsquo;
highlights in 4Q22</FONT></P>

<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 11pt/150% Vale Sans Medium,sans-serif; margin: 12pt 0; text-align: justify">Iron Ore and Pellets operations</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%"><P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,126,122)">Iron ore fines and
pellets sales increased 22% q/q</FONT>, <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">totaling 90 Mt, boosted
by the drawdown of in-transit inventories formed in Q3. <FONT STYLE="color: #007E7A"><B>All-in premium totaled US$ 5.4/t</B></FONT><FONT STYLE="color: #747678; line-height: 127%"><SUP>1
</SUP></FONT>(vs. US$ 6.6/t in 3Q22), mainly due to lower contractual pellet premiums, after record premiums in Q3.</FONT></P></TD>
    <TD STYLE="text-align: center; width: 38%">&nbsp;<IMG SRC="vale202301316k_002.jpg" ALT=""></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A; letter-spacing: -0.2pt; line-height: 150%"><B>Northern System</B></FONT><B>
<FONT STYLE="color: #007E7A">production decrease q/q</FONT></B> is largely explained by seasonally higher rainfall level<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #747678; line-height: 127%"><SUP>2</SUP></FONT>
and Serra Norte&rsquo;s performance, impacted by (i) lower ROM availability as a result of slower licensing processes; and (ii) processing
plants&rsquo; conveyor belts maintenance in October and November.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Southeastern System and Southern Systems&rsquo; production decreased q/q,
</B></FONT>impacted by seasonally higher rainfall level<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #747678; line-height: 127%"><SUP>3</SUP></FONT>
in Minas Gerais region. Additionally, Southeastern performance was affected by a planned maintenance carried out in Alegria&rsquo;s mining
equipment, while Southern System results were impacted by lower third-party purchase.</TD></TR></TABLE>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A; letter-spacing: -0.2pt; line-height: 150%"><B>Pellet production was flat
q/q</B></FONT>, driven by the higher pellet feed availability for Tubar&atilde;o plants and the resumption of Plant #5, increasing Tubar&atilde;o
pellet production, which was offset by a maintenance carried out at Plant #7 in Tubar&atilde;o complex and S&atilde;o Luis plant.</TD></TR></TABLE>

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

<P STYLE="color: #A6A6A6; font: 8pt Arial Narrow,sans-serif; margin: 0 48.4pt 0 0"><FONT STYLE="font-size: 8pt; color: #A6A6A6; line-height: 127%"><SUP>1</SUP></FONT>
Iron ore premium of US$ 1.6/t and weighted average contribution of pellets of US$ 3.8/t.</P>

<P STYLE="color: #A6A6A6; font: 8pt Arial Narrow,sans-serif; margin: 0 48.4pt 0 0"><FONT STYLE="font-size: 8pt; color: #A6A6A6; line-height: 127%"><SUP>2</SUP></FONT>
Rainfall level: 472 mm at Serra Norte in 4Q22 (vs. 31 mm in 3Q22) and 421 mm at S11D in 4Q22 (vs. 36 mm in 3Q22).</P>

<P STYLE="color: #A6A6A6; font: 8pt Arial Narrow,sans-serif; margin: 0 48.4pt 0 0"><FONT STYLE="font-size: 8pt; color: #A6A6A6; line-height: 127%"><SUP>3</SUP></FONT>
Rainfall level: 577 mm at Mariana Complex in Southeastern System in 4Q22 (vs. 35 mm in 3Q22) and 716 mm at Vargem Grande Complex in Southern
System 4Q22 (vs.44 mm in 3Q22).</P>
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<P STYLE="color: #007E7A; font: 11pt Vale Sans Medium,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: #007E7A; font: 11pt/150% Vale Sans Medium,sans-serif; margin: 12pt 0; text-align: justify">Nickel operations</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; color: #007E7A">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%"><P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #007E7A">Nickel sales were 31% higher
q/q and 23% greater than the quarterly production</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, as
expected, following the inventory buildup in Q3 to meet sales commitments during planned maintenance at Long Harbour and Matsusaka in
Q4.</FONT></P></TD>
    <TD STYLE="text-align: center; width: 38%"><IMG SRC="vale202301316k_003.jpg" ALT="">&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; color: #007E7A">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Finished nickel production from Sudbury-sourced ore decreased 9% q/q</B></FONT>,
as mine and mill maintenance activities in Q3 limited finished production in Q4. During Q4, Sudbury mines achieved the highest quarterly
production rates since 2Q19, which is expected to be translated into better finished nickel production in 1H23.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Finished nickel production from Thompson-sourced ore declined 11% q/q</B></FONT>
attributed to scheduled maintenance at the Long Harbour Refinery during the quarter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Finished nickel production from Voisey&rsquo;s Bay-sourced ore was 10%
lower q/q</B></FONT>, partially reflecting scheduled maintenance at the Long Harbour Refinery during the quarter, in addition to the production
gap created by the depletion of Ovoid mine and the ramp-up of the Voisey&rsquo;s Bay underground project.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; color: #555555">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Finished nickel production from third parties increased 5% q/q</B></FONT>,
which was planned to offset lower production from Voisey&rsquo;s Bay ore in the quarter. Consumption of third-party feed is expected to
remain higher than in recent years, aiming to maximize the utilization and performance of our downstream operations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 12pt; margin-bottom: 12pt; font: 10pt/150% Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt; letter-spacing: 0pt"></FONT></TD>
  <TD STYLE="text-align: justify; width: 98%"><FONT STYLE="color: #007E7A; letter-spacing: 0pt"><B>Finished nickel production from Indonesia-sourced material was 6% lower q/q</B></FONT>,
reflecting lower nickel-in-matte production due to furnace corrective maintenance. Nickel in matte production was 16.2 kt in the quarter,
8% lower q/q.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 12pt; margin-bottom: 12pt; font: 10pt/150% Arial,sans-serif; color: #747678">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Symbol; letter-spacing: -0.1pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt; letter-spacing: -0.1pt"></FONT></TD>
  <TD STYLE="text-align: justify; width: 98%"><FONT STYLE="color: #007E7A"><B>Nickel production at On&ccedil;a Puma <FONT STYLE="letter-spacing: -0.1pt">decreased 25% q/q </FONT></B></FONT><FONT STYLE="letter-spacing: -0.1pt">as
the kiln underwent a planned maintenance, which impacted 18 days in the quarter. </FONT></TD></TR>
</TABLE>


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<P STYLE="color: #007E7A; font: 11pt/150% Vale Sans Medium,sans-serif; margin: 12pt 0; text-align: justify">Copper operations</P>





<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol; color: #555555">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #007E7A">Copper sales</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #747678; line-height: 127%"><SUP>4
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #007E7A"><B>were in line q/q,</B></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">despite lower production mainly due to the sale of inventories
of Thompson copper precipitate and Voisey&rsquo;s Bay concentrate, in-line with sales commitments.</FONT></P></TD>
    <TD rowspan="3" STYLE="text-align: center">&nbsp;<IMG SRC="vale202301316k_004.jpg" ALT=""></TD></TR>
                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify; padding-right: 4.5pt">&nbsp;</TD>
    </TR>
                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; color: #555555">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt; width: 60%"><FONT STYLE="color: #007E7A"><B>Sossego copper production decreased 18% q/q</B></FONT>,
  impacted by planned and corrective maintenance work conducted during the quarter, primarily related to crushing activities.</TD>
    </TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Salobo copper production decreased 15% q/q</B></FONT>, due to planned
and corrective maintenance, impacting plant availability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Salobo III project successful started-up in the end of 2022 on time and
on budget</B></FONT>. The project will add 30-40 ktpy in additional copper production and it will achieve full capacity in 4Q24.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Copper production in Canada increased 2% q/q</B></FONT>. Sudbury mines
improved performance following scheduled maintenance in 3Q22. This was offset by a decrease in Thompson copper production, reflecting
the winter season stoppage of copper precipitate recovery, and ongoing ramp-up of the underground mine at Voisey&rsquo;s Bay.</TD></TR></TABLE>

<P STYLE="color: #555555; font: 12pt/150% Arial,sans-serif; margin: 0 0 2pt; text-align: justify"><B>&nbsp;</B></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0"><FONT STYLE="line-height: 127%"><SUP>4</SUP></FONT> Sales
volumes are lower compared to production volumes due to payable copper vs. contained copper: part of the copper contained in the concentrates
is lost in the smelting and refining process, hence payable quantities of copper are approximately 3.5% lower than contained volumes.</P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: gray; font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal; letter-spacing: -0.2pt">ANNEX
- </FONT><FONT STYLE="font-weight: normal">Production and sales summary</FONT></P>

<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: #747678; font: bold 12pt Arial,sans-serif; margin: 0 0 2pt">&nbsp;</P>


<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Iron ore</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 15.2pt; font-size: 8pt">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 30%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 0.7pt; padding-left: 0.7pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/3Q22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/4Q21</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022/2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Northern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>45,097</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>49,652</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>50,021</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>171,555</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>188,835</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-9.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-9.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-9.2%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.5pt">Serra Norte and Serra Leste</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">26,486</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">30,678</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">30,958</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">102,298</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">115,135</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-13.7%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-14.4%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-11.1%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">S11D</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">18,611</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">18,974</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19,062</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">69,257</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">73,699</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-1.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-2.4%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-6.0%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Southeastern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18,405</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>19,725</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18,659</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>72,644</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>69,780</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-6.7%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-1.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4.1%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Itabira (Cau&ecirc;, Concei&ccedil;&atilde;o and others)</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,007</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,017</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,987</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">27,283</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">28,696</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-0.1%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-12.3%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-4.9%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Minas Centrais (Brucutu and others)</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5,395</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5,845</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4,664</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">20,759</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19,306</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-7.7%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.7%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.5%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Mariana (Alegria, Timbopeba and others)</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,003</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,864</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,008</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24,602</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21,778</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-12.5%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-0.1%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">13.0%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Southern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17,350</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>20,324</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>12,999</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>63,594</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>54,285</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-14.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>33.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.1%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Paraopeba (Mutuca, F&aacute;brica and others)</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,403</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10,725</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4,892</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">30,106</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">22,975</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-21.7%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">71.8%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">31.0%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Vargem Grande (Vargem Grande, Pico and others)</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,947</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,599</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,106</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33,488</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">31,310</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-6.8%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10.4%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.0%</FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>IRON ORE PRODUCTION<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>80,852</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>89,701</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>81,678</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>307,793</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>312,901</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-9.9%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-1.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-1.6%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>IRON ORE SALES<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>91,954</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>77,569</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>92,706</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>302,042</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>305,293</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-0.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-1.1%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>FINES AND PELLETS SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>89,991</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>73,902</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>92,099</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>293,827</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>303,241</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>21.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-2.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-3.1%</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>FINES SALES<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>81,202</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>65,381</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>81,749</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>260,663</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>270,935</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>24.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-0.7%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-3.8%</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>PELLETS SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,789 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,521</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>10,351</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>33,164</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>32,306</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-15.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2.7%</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>ROM SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,963</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3,668</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>607</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,216</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,052</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-46.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>223.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>300.4%</B></FONT></TD></TR>
  </TABLE>

  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    Including third party purchases, run-of-mine and feed for pelletizing plants. Excluding Midwestern System volumes. Vale&rsquo;s product
    portfolio Fe content reached 62.0%, alumina 1.3% and silica 6.7% in 4Q22.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>2</SUP>
    Including sales of iron ore fines, pellets, run-of-mine and third-party purchase.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>3</SUP>
    Including third-party purchases. Excluding Midwestern System volumes.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Vale Sans Medium,sans-serif; color: #007E7A; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">Pellets</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 15.2pt; font-size: 8pt">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="white-space: nowrap; font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.3pt; font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="white-space: nowrap; width: 30%; border-bottom: white 1pt solid; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">4Q22</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: white 1pt solid; padding-right: 4.3pt; font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">3Q22</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">4Q21</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">2022</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">2021</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; padding-right: 2.85pt; font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">4Q22/3Q22</FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">4Q22/4Q21</FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">2022/2021</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Northern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>739</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>899</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>895</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>3,212</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>3,624</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>-17.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>-17.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>-11.4%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;S&atilde;o Luis</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">739</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">899</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">895</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,212</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,624</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-17.8%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-17.4%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-11.4%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Southeastern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3,616</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3,284</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,807</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>14,677</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>16,736</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>10.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-24.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-12.3%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Itabrasco (Tubar&atilde;o 3)</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">960</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">525</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,089</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">2,725</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,389</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">82.9%</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-11.8%</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-19.6%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Hispanobras (Tubar&atilde;o 4)</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">169</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-100.0%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Nibrasco (Tubar&atilde;o 5 and 6)</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,131</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">349</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,052</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,465</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,794</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">224.1%</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">7.5%</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-8.7%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Kobrasco (Tubar&atilde;o 7)</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">178</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">924</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">989</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,034</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,225</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-80.7%</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-82.0%</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-5.9%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Tubar&atilde;o 8</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,347</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,485</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,677</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">5,451</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">6,162</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-9.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-19.7%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-11.5%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Southern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,222</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,268</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>745</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,305</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3,179</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-3.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>64.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>35.4%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;F&aacute;brica</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Vargem Grande</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,222</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,268</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">745</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">4,305</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,179</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-3.6%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">64.0%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">35.4%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Oman</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,684</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,805</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,625</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9,919</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,169</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-4.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>21.4%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>PELLETS PRODUCTION</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,261</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,256</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9,073</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>32,111</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>31,708</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>0.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-8.9%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1.3%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>PELLETS SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,789 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 4.3pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,521</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>10,351</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>33,164</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>32,306</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 2.85pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-15.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2.7%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: bold 12pt Arial,sans-serif; margin: 0 0 2pt">&nbsp;</P>


<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Nickel - Finished production
by source</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 15.2pt; font-size: 8pt">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 30%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 0.7pt; padding-left: 0.7pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/3Q22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/4Q21</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022/2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>20.0</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>73.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>76.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-9.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-0.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-4.1%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Sudbury</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">11.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12.2</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8.8</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">39.0</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">32.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-9.0%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">26.1%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21.1%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Thompson</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.7</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.2</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9.9</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-11.1%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">100.0%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">65.0%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Voisey's Bay</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.1</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8.4</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24.4</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">38.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-9.8%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-45.2%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-36.1%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Indonesia</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>19.2</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>21.7</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>63.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>66.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-6.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-17.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-4.2%</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.8</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5.4</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>23.6</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>19.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-25.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-5.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>23.6%</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Feed from third-parties<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5.8</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2.6</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>134.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>200.0%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white"><B>NICKEL PRODUCTION</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>47.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>51.8</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>48.0</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>179.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>168.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-8.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-1.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.4%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white"><B>NICKEL SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>58.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>44.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>44.7</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>180.8</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>181.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>31.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>30.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-0.5%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    External feed purchased from third parties and processed into finished nickel in our Canadian operations.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt Arial Narrow,sans-serif; color: #A6A6A6; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"></FONT></P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 6 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">Copper - Finished
production by source</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 15.2pt; font-size: 8pt">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 31%; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="width: 7%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 7%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="width: 8%; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; font: 10pt Arial,sans-serif; padding-right: 0.7pt; padding-left: 0.7pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/3Q22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/4Q21</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022/2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>44.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>53.4</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>57.7</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>171.0</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>226.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-15.9%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-22.2%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-24.5%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Salobo</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">29.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">34.7</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33.8</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">127.8</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">144.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-14.7%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-12.4%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-11.6%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Sossego</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">18.7</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24.0</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">43.2</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">81.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-18.2%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-36.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-47.2%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white"><B>Ca<FONT STYLE="letter-spacing: -0.2pt">nada</FONT></B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>21.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>20.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>19.7</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>82.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>70.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2.4%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8.6%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>16.1%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Sudbury</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12.3</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12.9</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">59.2</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">46.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">30.9%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24.8%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">28.1%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Thompson</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3.6</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.2</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.3</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-66.7%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">500.0%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1,225.0%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Voisey's Bay</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3.3</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.1</FONT></TD>
    <TD STYLE="padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10.8</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">20.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-42.4%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-62.7%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-46.8%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: -9.35pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Feed from third parties</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.7</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.6</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.8</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">29.4%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">37.5%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">88.9%</FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white"><B>COPPER PRODUCTION</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>66.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>74.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>77.5</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>253.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>296.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-10.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-14.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-14.7%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white"><B>COPPER SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>71.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>70.5</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>73.7</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>243.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>284.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-2.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-14.3%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Copper Sales Brazil</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">44.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">52.9</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">52.7</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">166.3</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">216.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-15.5%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-15.2%</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-23.1%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #555555 1pt solid; padding-right: -9.35pt; padding-left: 12.95pt; font-family: Arial,sans-serif; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Copper Sales Canada</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">26.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17.6</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21.0</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">77.5</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">68.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">52.8%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">28.1%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">13.5%</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: bold 12pt Arial,sans-serif; margin: 0 0 2pt">&nbsp;</P>


<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Base Metals by-products
- Finished production </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 15.2pt; font-size: 8pt">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 30%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; font-family: Arial,sans-serif; color: #555555">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 0.7pt; padding-left: 0.7pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/3Q22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22/4Q21</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022/2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 0.7pt; padding-left: 5.6pt; color: #747678"><FONT STYLE="font-size: 7.5pt">COBALT <SUB>(000&rsquo; metric tons)</SUB></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">529</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">609</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">603</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2,434</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2,521</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-13.1%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-12.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-3.5%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 0.7pt; padding-left: 5.6pt; color: #747678"><FONT STYLE="font-size: 7.5pt">PLATINUM <SUB>(000&rsquo; oz troy)</SUB></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">32</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">102</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">79</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-21.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">47.1%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">29.1%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 0.7pt; padding-left: 5.6pt; color: #747678"><FONT STYLE="font-size: 7.5pt">PALLADIUM <SUB>(000&rsquo; oz troy)</SUB></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">37</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">127</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">98</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-10.8%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">73.7%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">29.6%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; font: 10pt Arial,sans-serif; padding-right: 0.7pt; padding-left: 5.6pt; color: #747678"><FONT STYLE="font-size: 7.5pt">GOLD <SUB>(000&rsquo; oz troy)</SUB><SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">74</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">84</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">89</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">289</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">364</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-11.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-16.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-20.6%</FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 1.45pt">
    <P STYLE="color: white; font: 7.5pt Arial,sans-serif; margin: 0 0 0 6.45pt"><B>TOTAL BY-PRODUCTS </B></P>
    <P STYLE="color: white; font: 7.5pt Arial,sans-serif; margin: 0 0 0 6.45pt"><B><SUB>(000&rsquo; metric tons Cu eq.)</SUB><SUP>2 3</SUP></B></P></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>34</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>41</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>29</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-left: 1.45pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>134</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>137</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-17.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-family: Arial,sans-serif; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-2.2%</B></FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    Includes gold from Copper and Nickel operations. </FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>2</SUP>
    Includes iridium, rhodium, ruthenium and silver.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow,sans-serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>3</SUP>
    Copper equivalent tons calculated using average market metal prices for each quarter. Market reference prices: for copper, cobalt, gold
    and silver: LME spot; for Platinum and Palladium: NYMEX spot; for other PGMs: Johnson Matthey.</FONT></P>
    <P STYLE="font: 7.5pt Arial Narrow,sans-serif; color: #A6A6A6; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #747678; font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: gray; font: 11pt/130% Arial,sans-serif; margin: 0"><B>Further information on Vale can be found at: vale.com</B></P>

<P STYLE="color: gray; font: 11pt/130% Arial,sans-serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #007E7A; font: 12pt/130% Vale Sans Medium,sans-serif; margin: 0">Investor Relations</P>

<P STYLE="color: gray; font: 11pt/130% Arial,sans-serif; margin: 12pt 0 0">Vale IR: vale.ri@vale.com</P>

<P STYLE="color: gray; font: 11pt/130% Arial,sans-serif; margin: 0">Ivan Fadel: ivan.fadel@vale.com</P>

<P STYLE="color: gray; font: 11pt/130% Arial,sans-serif; margin: 0">Luciana Oliveti: luciana.oliveti@vale.com</P>

<P STYLE="color: gray; font: 11pt/130% Arial,sans-serif; margin: 0">Mariana Rocha: mariana.rocha@vale.com</P>

<P STYLE="color: gray; font: 11pt/130% Arial,sans-serif; margin: 0">Samir Bassil: samir.bassil@vale.com</P>

<P STYLE="color: #007E7A; font: 10pt Vale Sans Medium,sans-serif; margin: 0"><FONT STYLE="letter-spacing: -0.2pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #999999; font: 9pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 8pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: #BBBBBB 1pt solid; font: 10pt/130% Arial,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #747678">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #999999; font: 9pt Arial,sans-serif; margin: 0; text-align: justify">This press release may include statements about
Vale's current expectations about future events or results (forward-looking statements). Many of those forward-looking statements can
be identified by the use of forward-looking words such as &quot;anticipate,&quot; &quot;believe,&quot; &quot;could,&quot; &quot;expect,&quot;
&quot;should,&quot; &quot;plan,&quot; &quot;intend,&quot; &quot;estimate&quot; &ldquo;will&rdquo; and &quot;potential,&quot; among others.
All forward-looking statements involve various risks and uncertainties. Vale cannot guarantee that these statements will prove correct.
These risks and uncertainties include, among others, factors related to: (a) the countries where Vale operates, especially Brazil and
Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production,
which is cyclical by nature; and (e) global competition in the markets in which Vale operates. Vale cautions you that actual results may
differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. Vale undertakes no
obligation to publicly update or revise any forward-looking statement, whether as a result of new information or future events or for
any other reason. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult
the reports that Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comiss&atilde;o de Valores Mobili&aacute;rios
(CVM) and, in particular, the factors discussed under &ldquo;Forward-Looking Statements&rdquo; and &ldquo;Risk Factors&rdquo; in Vale&rsquo;s
annual report on Form 20-F.</P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Vale S.A.<BR>
    (Registrant) &nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Ivan Fadel</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: January 31, 2023</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Head of Investor Relations</TD></TR>
  </TABLE>



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



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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
